Daily Market Analysis
2024-05-08
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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| 09:31:35 Pete |
PRE-OPEN MARKET COMMENTS WEDNESDAY - We have the SPY breakout through AVWAPQ and the 50-day MA, but the move came on light volume. Earnings season has climaxed, major economic releases are behind us and the FOMC statement has been digested. The... |
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| 09:38:13 Pete |
The most important thing I can tell you is, "This is NOT the market we were trading from Nov - March." This bounce is tenuous and you need to treat it as if it can reverse. You have some long... |
| 09:51:07 Pete |
This is a nice bounce to start the day. It is a sign that buyers are still interested. I would still feel more confident if a bearish cycle was benign and we had a higher low |
| 10:12:26 Pete |
So a quick fishing analogy. My free time is very limited so when I fish so I need to make the most of it. There are certain times of the year when I know the conditions are going to set... |
| 10:18:05 Pete |
On this particular trip, there was heavy rain 3 days prior up river. The water levels were elevated and the pattern had changed. We were going to fish for two days (6 hours each day). It took us two hours... |
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