Daily Market Analysis
2023-02-28
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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| 10:10:43 Pete | 1OP is spiking so I would lean short side here. I will look for shorts. |
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| 10:23:44 Pete | FYI Consumer Confidence and Chi PMI both light, but they did not move the market. |
| 10:28:48 Pete | Not a great start for day trading. Mixed overlapping candles with wicks and tails. No direction and compressed action. Keep your activity light until we have some movement |
| 10:30:50 Pete | Sellers were able to drive the market down yesterday so i would lean on the short side with this bearish 1OP cross. If you have a really compelling short, you can give it a try, just keep it small. |
| 11:31:32 Pete | Careful not to chase on a day like this. You are buying the hod and you need to wait for dips. If you don't get one, let it go. Set alerts below the current price so that you know when... |
| 12:54:03 Pete | On days like this it's tough to make money day trading. I believe there will be more or these and it reinforces the need for some swing trades. Here is an article from the WIKI you should read. Picking good... |
| 16:08:02 Pete | Last year in Feb we had huge ranges and day trading was excellent. Some days were scary because we would see 10 pt+ M5 bars. That took getting used to, This is going to take getting used to as well.... |
| 16:15:59 Hariseldon | Not what you want to hear but I am making quite a bit of money in this market - what you should want to hear is - How?? - Because I have a clear thesis - and I have been telling... |
| 16:18:56 Pete | @Hariseldon Your thesis has been right. The market can't get off of this support level. The volume today came on the late drop. Late day moves are typically a good tell. |
| 09:24:05 Pete | Good Morning! I don't have much in the way or pre-open comments this morning. The market is opening flat and there was not much in the way of overnight news. The economic news. Chicago PMI and Consumer Confidence after the... |
| 09:44:41 Pete | All of the major MAs are within 50 S&P pts of each other. I would wait to see if econ reports spark any movement. |
| 09:45:16 Pete | The gap up yesterday filled and that is a victory for the bears. It shows that sellers are still active. |
| 09:46:25 Pete | We might have a little beginning-of-month/end-of-month fund buying today and tomorrow. Not much to go off of. Flat open and inside day is not what we want especially if the volume dries up |
| 09:57:38 Pete | 1OP is spiking and not much of a move higher for the market. Seeing some wicks. That is a sign of resistance. After the gap reversal, this bearish cross has a chance to produce. Very dull action so far |