Daily Market Analysis

2022-09-02

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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09:28:57
Pete
PRE-OPEN MARKET COMMENTS FRIDAY � The Unemployment Report was release this morning and the S&P 500 is up 20 points on the news. 315K new jobs were created (300K expected). Initial jobless claims have been steady the last 4 weeks...
09:52:48
Pete
I like that the market has been able to hold half of the gap. No instant gap reversal is mildly bullish
09:56:31
Pete
As someone expecting bullish price action today, I would want to see some of this bearish cycle. If it is benign and the lod holds, I would be fairly confident taking longs
09:57:48
Pete
I would not feel the urgency to jump the gun. The selling pressure recently has been heavy. 
09:58:19
Pete
For those of you who might have a more bearish bias, this bearish cycle and an easy gap fill would be all you need to take shorts
10:10:24
Pete
My mistake. ISM serve not released until Tues. Working remotely and I am a fish out of water
10:15:21
Pete
This is bullish price action to me. Follow thru and the gap held
10:16:33
Pete
Long SPY$399.50
10:17:47
Pete
1OP is heading higher and it has not had a bearish cross. Surviving a gap reversal on the open was the biggest test for the market and it has avoided that and testing hod
10:22:56
Pete
SPY has some room to 50-day and I believe we could drift up to that level on some short covering. My position is smaller than usual and I am willing to give the trade some room. 
10:26:03
Pete
Exit SPY $.30 gain. I will see what happens at hod and on this bear cycle, but the price action is bullish today
10:35:28
Pete
This is a critical bar. We want the breakout to hold. This breakout will lure in bullish specs and they could be shaken out. I don't believe this is a fake because of the bid check and the bounce yesterday....
10:37:03
Pete
The 50-day is close. and that will provide some resistance so let's see how aggressively we attack it. 
10:42:52
Pete
Nice attack on 50-Day MA. Stacked green. Very bullish price action
10:49:32
Pete
100-day is only 25 S&P pts away. If the buy programs kick in we could get there. Right now we need to stay tight to the 50-day. No long red candles and a compression at hod would be bullish. Would...
10:54:41
Pete
Sorry, but I have to conclude my week. This is how I would approach the day. This is pre-holiday trading so keep it light. 
11:18:37
Pete
Ok, ok. I can't help myself. One last comment. Price compression at hod during bearish 1OP cycle and $400.50 holding. Market closed on high yesterday and it held the opening gap today. Sellers at 50-day MA not able to over...
11:20:30
Pete
The key to that scenario is that when we do get the bullish cycle, we need to get thru hod and keep floating. If not, we could just compress at 50-day. The next bullish cycle is impt
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