Daily Market Analysis
2023-08-15
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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| 09:30:10 Pete |
PRE-OPEN MARKET COMMENTS TUESDAY – Hi traders… I’m back after some much needed time off. August is typically a low probability trading environment with a negative bias and so far it has not disappointed. The S&P 500 is down 30... |
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| 09:30:37 Pete |
Good morning! |
| 09:46:20 Pete |
Long red bearish engulfing candle. We are going lower. 1OP bear cross pending. If you have shorts lined up, you can take starter positions. Don't chase, offer a little higher and try to enter on any little bounce |
| 09:58:45 Pete |
"Pete how do you know the market is going down?" I don't, but that bearish engulfing candle on SPY and the breach of AVWAPQ tells me that a major market bounce is less likely and that there is selling pressure.... |
| 10:03:31 Pete |
Regarding WATM, tread cautiously. That strategy is best when you have a fairly neutral market. If we start to see organized selling and SPY support levels are breached, we will need to shift to CCS or PDS. This is a... |
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