Daily Market Analysis
2024-10-28
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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| 09:31:17 Pete |
PRE-OPEN COMMENTS MONDAY - Be careful on gaps up. Wait for the bid check. We want most of the gap to hold and we want the dip to be brief and shallow. If it is, we will have a chance... |
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| 09:36:05 Pete |
Only reference D1 moving averages. The same does NOT apply to shorter time frames because no other trader is using that info. Remember, the MAs are a self-fulling prophecy. They work because everyone else is following them. I suggest reading... |
| 09:48:22 Pete |
SPY is testing the open from Fri. We want support to form here as the bearish 1OP cycle completes. No reason to take longs yet. SPY could just as easily drop into the gap right now and then it would... |
| 09:50:24 Pete |
Asian markets had a little strength and Europe was pretty flat. Not a huge overseas influence, but slightly bullish. |
| 10:06:16 Pete |
So far the move lower has been very stubborn. That suggests that there is a bid. Let's wait for that bullish cross. We are not far from the hod so if support forms it won't take much to challenge it.... |
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