Morning Report – February 24th, 2014

Expiration Friday created some heavier volume, but the NASDAQ composite remains in a short-term uptrend. The composite did gap open, and closed at 6.67% of its daily range, so I would consider this another mild distribution day. The candle that was formed probably could be considered a Dark Cloud Cover which is a sign of weakness, but that has to be confirmed with a follow-through day to the downside. The TradeGuider software labeled the day as an up thrust because the index opened a new high territory, but failed to hold on to its gains, and closed near the daily low. We do need confirmation to the downside before either of these interpretations can be confirmed as being negative. Read Full Report