Daily Market Analysis
2024-08-08
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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| 09:44:19 Pete |
PRE-OPEN MARKET COMMENTS THURSDAY - There are some cracks in the dam and the market is weak. The speed and magnitude of the drop the last few weeks are a sign of heavy selling pressure. Any bounce will provide us... |
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| 10:20:35 Pete |
If you are having a hard time embracing this bounce (me) because of the smack down from the 100-day MA yesterday, focus on the short side. Don't trade until the market hits resistance, but have your candidates ready and monitor... |
| 10:25:35 Pete |
Is one initial jobless claims number important? No. For that matter, one jobs report is not even that important. However, you can see the weight that is being placed on economic releases. When the initial claims number was released pre-open... |
| 10:27:39 Pete |
We don't "guess" what the number will be, we watch the reaction. That helps us identify which news the market is focused on. |
| 11:41:44 Pete |
Two efforts to get thru the hod and both rejected. This is a sign of resistance and we are likely to try the downside now. the bounce was not all that strong this morning. Lots of overlap. |
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