Daily Market Analysis
2024-08-20
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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| 09:31:21 Pete |
PRE-OPEN MARKET COMMENTS TUESDAY - The market sold off 10% and it has recovered most of those losses all in the same month. During the drop the volume was heavy and during the bounce the volume has been light. This... |
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| 09:37:22 Pete |
Fed Minutes Wed will not be a big event. It came out before the jobs report and many officials have become more receptive to a rate cut. We've had plenty of Fed speak since then. There isn't much to drive... |
| 10:44:01 Pete |
Very steady selling off of the hod. I would not be looking for longs here. This feels lke a bearish trend day |
| 10:50:14 Pete |
From a long perspective we need to see some support forming at this level with tails. This was a pretty good drop and buyers will be cautious after seeing this price action. That means it will take time to establish... |
| 10:53:31 Pete |
This is why we do not chase the open. We wait for the bid check. Look back at the last week of trading on an M5 chart. Every single day we had one. Once that support was confirmed you were... |
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