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Market Comments for September 25, 2014

 

Yesterday the market chose to keep the daily chart intact by hanging on to support areas and leaving a big green bar on the daily chart. While this could be the low that launches a new daily stage II, all the reasons that caused price action to get wild over the last month are still present and it is still quite possible that we see the market stall at its prior highs at “1”. It’s especially not as clear since the SPY is much weaker than the QQQ, actually making a slightly lower pivot low, and the IWM, which we don’t discuss much, has become much weaker and is actually in a sideways pattern even on the weekly chart. The IWM is the small-cap index and has been on its own for quite some time. Yesterday’s low now becomes a very critical focal area for the bulls. If the market closes under that area, it will lead to a pullback on the weekly chart. Until then the path of least resistance is to follow the green bar from yesterday until it fails.