Daily Market Analysis
2023-08-02
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).
Abbreviated Comments View all
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| 09:37:50 Pete |
This SPY $452 level is first support. It is a horizontal support level and this will be our first look at how interested buyers are |
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| 09:50:45 Pete |
The low from Thursday is support. We have a bullish 1OP cycle that is completing. The best case for bulls is that we march right into the gap this morning as it completes. Then we want to see a benign... |
| 09:52:23 Pete |
That would indicate fairly aggressive buying. I am not expecting that. Traders won't be super aggressive. They will try to probe for support and we have major news pending in the next two days. We have seen a little profit... |
| 09:55:14 Pete |
A more likely scenario is a leak lower during the up coming bearish cycle. We are about to cross and then I would expect us to leak lower and test the low from last Thurs. That is where we might... |
| 09:57:00 Pete |
Shorts have to set passive targets and they need to be nimble. You are trading against the longer term up trend. For most of you, sit patiently and see which stocks are holding up well. |
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