Daily Market Analysis
2023-08-17
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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| 09:30:35 Pete |
PRE-OPEN MARKET COMMENTS THURSDAY – Yesterday the market closed below the 50-day MA and it closed on its low. The SPY has been below AVWAPQ and that is also bearish. The trendline that started on March 13th was also breached.... |
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| 09:40:38 Pete |
Overseas markets were down and TLT continues to drop. I would be favoring the short side and looking for a gap reversal. |
| 09:42:14 Pete |
1OP is in a deep trough, but it is dropping at a good pace so a cross is not likely for at least 30 min. I would only consider shorting very weak stocks and only taking starter positions. It is... |
| 09:43:19 Pete |
The better set up is to wait for the bullish cross. If that bullish cycle can't generate a nice bounce you'll know it is just a matter of time until sellers return. |
| 09:54:47 Pete |
Drift lower has been very steady. Buyers can't support the opening gap up |
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