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Market Comments for September 12, 2014

 

Yesterday the market left a green bar on the daily chart. It stayed inside the prior day’s green bar (except the SPY went a little above the prior day) and maintained a basically sideways consolidation on the daily chart. The market has backed itself into a corner and will likely have to show its hand by Monday. It could be today, but not likely. We continue to see lower highs and higher lows on the daily bars of the QQQ. It also has now consolidated long enough that is actually into the rising 20 period moving average. While this moving average is not magic, it does show the market has rested for a significant period of time after the strong move up throughout all of August. The market has rested to go higher if it wants to, but likewise at this point closing underneath the green daily bars the last two days would likely begin a micro-stage III with the target area at “3”. Until that happens, respect the sideways consolidation between “1” and “2”.