Daily Market Analysis
2024-05-03
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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| 10:17:41 Pete |
That was a smack down off of the hod and we have a bearish 1OP cross. I would be careful with longs here. We are in the gap and for now, the 50-day MA is providing resistance. |
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| 11:41:10 Pete |
1OP bear cycle has completed. I like being long here. The move lower was choppy with mixed overlapping candles and the momentum never built. Most of the gap was preserved and I believe we are going to challenge the high... |
| 12:01:17 Pete |
The best chance for the market to get thru the 50-day is a nice gradual grind higher. We need to inch our way up to it and along the way the offers need to be gobbled up. We don't want... |
| 12:02:09 Pete |
I don't know that this will play out, it is just the best pattern for us to get that breakout. We've been trapped in the range. The gains have been preserved and that is bullish. |
| 12:02:47 Pete |
The greatest "pain" is to the upside after the selling we saw in April. A breakout would spark short covering. |
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