Daily Market Analysis
2023-09-22
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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| 09:31:51 Pete |
PRE-OPEN MARKET COMMENTS FRIDAY – The SPY has broken out of the wedge formation after the FOMC statement Wednesday and the 100-day MA has been breached. This is a nice technical breakdown and it tells us to favor the short... |
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| 10:20:30 Pete |
This was the bid check and we have a bullish 1OP cross. For a bounce we need to see a nice long green candle through the hod. |
| 10:23:21 Pete |
I can't state this strongly enough. I am expecting a bounce and I would DAY trade it. Since that is a contra trend trade, I would use smaller size and I would set passive targets. When the move stalls, you... |
| 10:24:57 Pete |
That said, some of you are going to go overboard trading this bounce from the long side. |
| 10:46:43 Pete |
Choppy grind higher. Mixed overlapping candles and we got the new hod. Sellers are not going to just disappear. We are likely to see a couple of nice bid checks (decent sized pullbacks) during the day. We want to see... |
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