Daily Market Analysis
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).
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|PRE-OPEN MARKET COMMENTS THURSDAY – The market is trapped in a range near the low of the year. Buyers are active when the market tests support and sellers are active when the market tests resistance. Earnings season will kick into...|
|My comments have not changed much. The focus in the next week will be earnings and the week after that it will be the FOMC. Until we have these puzzle pieces the market is going to chop around. The highest...|
|Bearish engulfing candle off of the hod on a bearish 1OP cross near the prior day high. I wonder if this is a good place to short?|
|I will be out of the room most of the day for personal reasons and trying to work on new version issues.|
|We have a bullish 1OP cross, but that does NOT mean buy. The price action is still bearish. The indicator could cross right back down again.|
|This is a breakdown below the prior day low. Next support is $364. We want to see follow thru here. This could be a head fake to trigger sell stops, but I don't think it is. There were not enough...|
|If you look at the long red candle from 1:05 you will notice how the halfway point held beautifully. Then we got the next leg lower. We want the same pattern here. It needs to happen fairly soon. If it...|
|If the new lod takes more than 30 min it is a sign that sellers and buyers are pretty evenly matched.|
|Another sign of a classic headfake is that the long red candle is instantly erased. We did not see that.|
|Now you can see the steady leak lower. We did not retrace more than half of the red candle that formed the new lod (1:45 bar) and we made a new lod within 20 min after that just as outlined....|
|Tiny bodied candles are a sign of support and you can expect bounces like this. My first inclination is that this long green candle is a short sqz. How will I know? It will get hammered down immediately. If that...|
|If this long green candle does not get erased in the next two bars I will know that the lod might be in and I will start to scale out of shorts.|
|@Pete Are you looking for the low of the green candle to be erased or the halfway point?|
|At very least the halfway point. In 3 bars we need to make a new lod|
|Those dip buyers need to regret trying a long and when they are flushed out they will take us to a new lod.|
|Sure looks like a "solo" to me. This late in the day it you want to see a new lod right here. The longer we sit here the more likely the market is to find support.|
|From the first bearish cross after 60 min of trading to this point there were 70 S&P 500 pts for the taking and nothing to shake you out. That is a hell of a day by any measure.|
|I would take gains on shorts here.|
|This support is starting to build and we have a bullish cross. No need to try and milk shorts after a big meltdown like this|