Daily Market Analysis
2024-08-09
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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| 09:50:10 Pete |
Programs will be testing the bid this morning. Too early to tell. Let this bearish cycle run. Support needs to hold. If buyers are still there after 45 min or so, they will try the upside and see if they... |
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| 09:53:07 Pete |
TSM reported a 45% increase in revs for the month and that AI chip demand is increasing. Stock flat which is a bit surprising |
| 10:17:19 Pete |
Market bid has been confirmed and SPY is challenging the high from Thurs. 1OP bullish cycle about to start and SPY > 100-day MA. This all looks pretty good. |
| 10:37:00 Pete |
We had a chance for the market to move thru resistance on the high of the day, but that long green candle was easily erased. No follow thru. Now we wait to see which side prevails. |
| 10:39:57 Pete |
Do not make trade decisions based on one long candle. I reinforce this concept all the time in The System and there is even an article on "solos". What happens after that long candle is the "tell" and we have... |
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