Daily Market Analysis

2022-08-02

Mark As Read
Mark As Read

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).

All Comments

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09:30:00
Pete
PRE-OPEN MARKET COMMENTS TUESDAY – I liked the price action last week and it suggests that the low of the year will hold. That does not mean that we need to load up on bullish positions. I am still expecting...
09:43:00
Pete
Yesterday I told you why a gap reversal was very possible. We did not get the same reaction to the gap down as we did yesterday. I explained why and these tidbits of knowledge are something you should save.
09:50:00
Pete
Be patient with longs. This is not Monday
09:52:00
Pete
"Pete do you always buy gaps down when the market has been strong recently?" Questions like this drive me nuts. The answer is NO. Yesterday I did and today I am not. The context is different. Every single day is...
09:59:00
Pete
We are testing the low from Friday. $406 could be in range. That would fill the gap from Fri. Notice the candles have lots of overlap. This is not a high quality market drop. Lots of retracement. We have a...
10:12:00
Pete
Each one of these SPY bars is telling you something. Do you see the retracement? That is a gradual drift lower and the bid is steady. Sellers have control for now, but this is not going to be a free...
10:22:00
Pete
Bullish hammer off of lod. Two bars that follow through, nice retracement, support forming. Watch for a retest and higher low. If you get a nice green candle off of that retest, start nibbling on the strongest stocks. Know that...
10:31:00
Pete
Now we know that market support has been established. Buy on any market dip and expect the lod to hold for at least an hour.
11:07:00
Pete
Last long green candle erased immediately. That was the hod. First warning shot fired. If we can't make a new hod on the next effort you should expect selling pressure. @Pete That hod was also at the 100 MA
11:33:00
Pete
This is some low probability chop. I am noticing that the last green candle was immediately reversed. That suggests selling pressure and the longer candles have been red off of the HOD. 1OP id flat as a pancake and it...
13:37:00
Pete
There is news for sure. (skipped further posts about news)
13:40:00
Pete
I am taking next week off and this is a good time to mention this. When the market is in a news vacuum and the trading volume is light, you can expect moves like these. Everything will look great and...
14:01:11
Pete
14:05:00
Pete
We have a bullish 1OP cross out of a deep trough and support forming. Too early to buy, but the bleeding has stopped quickly and that leads me to believe that this will set up a good buy. If the...
14:21:00
Pete
This candle needs to be green for us to move higher. If not, it will mean that the prior long green candle was a solo. I think we will move higher. That selling off of the hod looked worse than...
14:57:00
Pete
1OP bear cross. Be careful with longs here. Bounce not great
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