Daily Market Analysis
2023-01-04
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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| 09:30:09 Pete | PRE-OPEN MARKET COMMENTS WEDNESDAY – The first trading day of the year started off on a positive note and that enthusiasm died after the first 15 minutes. Sellers flexed their muscles and the gap reversal was underway. The up trendline... |
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| 09:47:53 Pete | Gap up, 1OP bearish cross, bearish hammer off of hod so far. I would not rush in to buy here. We saw this movie yesterday. |
| 09:57:31 Pete | The difference in the first 30 min of trading today vs yesterday is that there is support. We are not stacking red candles. That should be your take away so far. That means you have a little time to find... |
| 10:00:58 Pete | ISM man out |
| 10:07:51 Pete | Choppy, chunky price action with a slight downward bias. I would follow the bear 1OP cross and the gap fill |
| 12:07:12 Pete | Short ES 3890 |
| 12:08:06 Pete | Choppy day, Resistance at the high. The open from the last long green candle has been breached and 1OP bearish cross |
| 12:08:37 Pete | 1/2 position. |
| 12:25:36 Pete | Superpantz wrote: Pete wrote: Choppy day, Resistance at the high. The open from the last long green candle has been breached and 1OP bearish crosssorry I'm confused, which long green, I thought the open of last long green is $383.57?WOW.... |
| 12:27:59 Pete | If you look at QQQ the long green candle reference will make sense. |
| 12:40:53 Pete | I enjoy watching these levels. If you don't have 1OP, you look at this price point and you think, we could go higher. Everything looks great. To a degree, it does. Nice green candles and a bounce off of the... |
| 12:42:25 Pete | Also much of the bearish cycle is unfolding without any corresponding move in SPY. Typically I want to see some progress as these cycles begin |
| 12:43:31 Pete | Exit $3893 4 pt loss on 1/2 position or 2 pts on normal |
| 12:44:51 Pete | We are compressing at the hod for an hour. We are likely dead till the FOMC minutes |
| 12:47:49 Pete | Exit FXI swing $31 for 3.50 loss on 1/4 of target position. This was a longer-term swing position that I had on. While I believe that China will still be a longer term issue, the technicals are telling me that I... |
| 12:49:17 Pete | I needed tech confirmation before I added to the position and I never got it. In fact, the opposite. I was willing to hang on to it as long as it stayed < 200-day MA. That has been breached. Time... |
| 13:03:06 Pete | There is the undertow that 1OP warned us of. |
| 13:05:23 Pete | There is not another indicator that provided a bearish signal at that point. 1OP does some crazy #$%^ from time to time, but you just have to let it do its thing. |
| 13:07:50 Pete | The hardest thing is to trust it. There was no apparent reason to think that there is going to be selling so the temptation is to ignore it. In time, you will learn to trust it. |
| 14:35:05 Pete | Really long mixed candles. If the news were material and "new" you would not have seen the last two green candles. We would just be stacking red. Personally I am just watching the low from Tues. That is the only... |
| 15:01:55 Pete | If you learn to read price action you will identify the poor backdrop for trading /ES. I could see it after the release. Having that skill does not mean you won't trade it. To avoid this garbage you also need... |
| 15:05:11 Pete | That is why it is important to trade stock and not /ES. The right stock will provide lots of cushion and you will be able to weather these /ES moves. Most traders in /ES are overleveraged to start with and... |
| 15:39:20 Pete | I am ready to take a swing short when the market breaks that D1 algo line. No need to jump the gun. This is a massive D1 compression and I am going to wait for a breakdown. |