Daily Market Analysis

2022-10-26

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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07:45:44
Pete
Short ES 3844.25. Just trading 1OP and a bearish hammer off of the $3852 level which seems to be resistance.
07:52:23
Pete
I am bidding $3834.25. If I can make 10 pts I will be happy with that gain.
08:01:32
Pete
I also have a stop at my entry. Very choppy price action. I am willing to give it a little room to move around. 
08:12:44
Pete
Exit ES stopped out for a scratch. No harm, no foul. 
09:15:48
Pete
PRE-OPEN MARKET COMMENTS WEDNESDAY – The market rallied through resistance at SPY $380 yesterday on light volume. Optimism heading into earnings releases from GOOG and MSFT fueled the rally and both had negative reactions. That splash of cold water will...
09:16:22
Pete
Good morning. Support is at $380 and resistance is at $385.
09:51:48
Pete
Even after the negative reactions to GOOG and MSFT we are not seeing a bloodbath. Mixed overlapping candles and well above $380. Still early, but not a disaster. Let's see what this bearish 1OP cross brings.
10:07:27
Pete
I am fairly bullish here. I like that a bloodbath was averted early. I thought there was a good chance that bullish specs would get flushed out. The market bid was strong enough to offset that. We are also well...
10:08:39
Pete
I have not looked at shorts, but the price action on the longs I am watching has been steady. MSFT and GOOG also holding the lows.
10:48:06
Pete
Trade from the long side. The market shrugged off neg earn reactions from GOOG and MSFT. We had a chance for a nasty round of selling as bullish specs got flushed out and buyers offset that selling. Gap filled on...
10:51:24
Pete
1OP crossed back up as well. If you don't trust the breakout, don't swing. The price action to this point is bullish for day trading.  
11:01:06
Pete
A bearish cycle that holds the high from Tues would be a great scenario. That would give us time to digest the gains so far this am and it would show that buyers are still engaged. Then we would have...
11:23:53
Pete
Tiny bodied candles at hod with 1OP bear cross pending. Good place to take gains on longs. 
11:26:16
Pete
This is where we get to gauge the market bid. So far it has been strong. From a bullish standpoint we want a benign bearish cycle. If we hold the 50-day any dip will be a buy on the next...
12:18:37
Pete
We don't want anything too organized on the downside here. No stacked red candles and the high from Tues needs to hold. If not, this will NOT be a bullish trend day and we could test the downside. If the...
13:58:55
Pete
Nice action both ways. I like being long on this bullish cross. 
13:59:35
Pete
I would not overstay your welcome on either side. Expect movement. Both sides have moved the ball.
14:44:14
Pete
Bears have the ball and this should be a good bear cycle. The bullish cycle produced nothing. in fact, even leans bear div. 
15:14:14
Pete
The big chatter about GOOG and MSFT was online ad revs. META should be interesting because of this trend. They are shooting first and asking questions later. META weak before the number. 
15:43:53
Pete
flowbee wrote: Question to short , SPY the thru 50SMA would be a good sign, what size candle or volume confirmationThe high from Tues failed along with the 50-day MA and you had a bearish 1OP cross. I don't need anything...
15:59:37
Pete
If the SPY closes the week below SPY $380, look out below next week. That would constitute a failed breakout and we won't have mega cap tech earnings excitement to keep sellers "at bay".
16:00:01
Pete
Traders will get nervous ahead of the FOMC Wed.
18:51:05
Pete
@flowbee Right now the fear is that the Fed is going too far. They are going to keep hiking and higher interest rates are going to throw us into a recession. How do we gauge how hawkish institutions are? We watch...
19:20:50
Pete
@SubZer0 Thank you for rendering this video for the summit today. CLICK HERE TO WATCH THE PRESENTATION
19:31:14
Pete
THIS IS A LINK TO THE ENTIRE SUMMIT. There were some good presentations.
19:57:09
Pete
If you have comments or questions about the video please post them on Reddit. That way I can centralize them. https://www.reddit.com/r/RealDayTrading/comments/yecvyu/tradiercboe_option_summit_video/
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