Daily Market Analysis
2024-05-17
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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| 09:30:12 Pete |
PRE-OPEN MARKET COMMENTS FRIDAY - We have a breakout and we can expect that the bid will be tested. We want the previous all-time high to hold and I would NOT want to aggressively test it with long red candles.... |
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| 09:39:32 Pete |
We saw some selling pressure yesterday and 1OP is spiking. I would not expect those sellers to go away. Let's see if this first bearish cycle produces. If it does not, we might have a nice entry for longs. |
| 10:32:16 Pete |
So far the bearish cycle has not produced. The bid has been tested and I would be looking for longs. |
| 11:30:23 Pete |
The market is not going anywhere fast. I am stating the obvious. This bearish cycle still could still produce. The long red candle would not have happened if buyers were anxious. So we need to see a hard breakdown below... |
| 11:31:11 Pete |
If 1OP does a deep dive and we preserve the LOD, then we might have a good buy that sets up. That is what I am watching. |
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