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Market Comments for September 26, 2014


Yesterday the market left the biggest red bar on the daily charts that the market has seen in five months. It engulfed the prior day’s green bar attempted rally. The SPY has been more bearish on the daily chart as prices had a ready broken the prior pivot and fell significantly lower today. A key in our discussions over the last month has been the sloppiness of the daily chart up in this area and while we have maintained uptrends on the weekly chart, the daily chart has have all had all the characteristics of a stage III and sloppiness is what is expected. We always look to follow through before determining the market would go higher or lower. The QQQ essentially has remained in a wide sloppy pattern. The bottom of that range is not far above the true support level at “2”. While the bar was quite bearish it is quite likely that we will see a partial reversal that bar again today as we have rarely seen much follow through to the market in the last month.