Daily Market Analysis
2023-06-05
Review our intraday commentary to learn how we interpret price action and build a market narrative.
Drag the blue slider to reveal the day's price action. Dots on the timeline represent comments and can be clicked. View the table below for all market-related comments and annotated charts (including those from after hours).
Abbreviated Comments View all
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| 09:30:06 Pete |
PRE-OPEN MARKET COMMENTS MONDAY – The market broke out through horizontal resistance Friday on nice volume. This was a clear breakout and we blasted through it. As long as we stay above SPY $422.50, favor the long side.The FOMC statement... |
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| 10:03:16 Pete |
ISM serve 50.3. That is NOT good. |
| 10:03:53 Pete |
That is just above expansion territory and 80% of our economic activity is services based. |
| 10:05:57 Pete |
The ISM numbers are relevant because they are surveys. They are one of the few current economic releases we have. Most econ releases are very dated. The market is not likely to breakdown on one bad number, but ISM serv... |
| 10:13:06 Pete |
We have a bearish 1OP cross and we are on the lod. I would not rush into longs. That ISM serv number could spark more profit taking after a nice run up Fri |
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