Daily Market Analysis

2022-09-19

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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09:22:50
Pete
PRE-OPEN MARKET COMMENTS MONDAY – The SPY broke a key support level at $390 and we are likely to test the low of the year in the next few weeks.Traders are bracing for a 75 basis point rate hike from...
09:47:27
Pete
Watch for signs of resistance. No hurry. You can already tell fromthe first 15 min the action is going to be pretty dull 
10:14:11
Pete
SPY gap filled
11:15:30
Pete
We have filled the gap and I like the resistance I am seeing at this level. Some wicks and the move higher was gradual with mixed overlapping candles. I believe a short is setting up here.
11:17:25
Pete
We are in the gap from Friday so we need to use a little caution. Let's make sure the upside is contained. Another bearish hammer off of another attempt at a hod would be good. A red candle thru $385.60...
11:28:18
Pete
This is the price action we want!
12:29:17
Pete
In the context of what is going to be a choppy day, you would tread cautiously with shorts here if this red bar can't take out this little support level. This drop needs to gain traction in the next bar...
13:12:15
Pete
1OP is getting extended so now you want to start watching for signs of exhaustion and a lower high double top. Compressed candles and a nice bearish hammer or bearish engulf would be a sign of resistance.  
13:14:54
Pete
$385.50 is the open from the last long green candle and that has been tested. No bearish 1OP cross, but we could get one in two bars. We want to see this resistance build.
13:15:46
Pete
You can nibble on shorts here with the intent to add on follow through. 
13:42:41
Pete
Nice signs of resistance. Micro double top (last 30 min), double top (from hod), long red candle and now bearish 1OP cross. I $385 fails you can add with confidence.
13:58:01
Pete
seeing some wicks here. We should crack down. 
14:53:19
Pete
I am a little surprised that the market did not get anywhere near the lod today. We still have time, but the action has been slow and I question  how much movement we will see in the last hour. 
14:59:37
Pete
I would be careful with shorts here. We have a  bullish 1OP cross and the last bear cycle was benign. I don't know that we will rally, but we might. 
15:00:25
Pete
I do know that we are not likely to go down after that last cycle and time is running out today. Makes no sense to hang on to shorts here IMO
15:01:08
Pete
I am speaking in terms of day trading. 
15:05:51
Pete
We are in the gap from Friday so there is room to fill more. We need to take out the hod with gusto. If we just flounder around here for 20 minutes it won't happen. 
16:00:09
Pete
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