Daily Market Analysis

2022-08-05

Mark As Read
Mark As Read

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).

All Comments

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09:30:00
Pete
MARKET COMMENTS AUGUST 5 –12 I am taking next week off. 1. We want strong economic numbers in August. The only numbers out next week are CPI/PPI. The market has shrugged off “hot” numbers in the past so I am...
09:31:01
Pete
09:38:00
Pete
That was a really nice long green candle to start the day. We are on a bullish cycle and two stacked green candles. I am fairly bullish here
09:45:00
Pete
A weak jobs report would have festered for the rest of the month. At some point analysts would fear that the Fed went too far and that the Sept numbers will be even worse. That concern is off the table...
10:00:00
Pete
Banks loving jobs. Reduces cr issues
10:05:00
Pete
Market bid has been strong. No one believed in the good news is bad news theme
10:11:00
Pete
10 minutes in we had the info we needed and I posted as much. two stacked long greens and start of 1OP bullish cycle. Gap fill likely. Take gains there and wait for first dip. Bull flag likely, reload.
10:18:00
Pete
This could be the last gust of wind as we head into the doldrums. I hope not, but I would be mentally prepared for that. Action should remain good today. this is where I would be taking some gains. Wait...
10:20:00
Pete
After such a big run with stacked green candles we should not expect much retracement - right? Wrong IMO. Look at gap fills and retracements Aug 1 and 2. (see chart on right).
10:27:54
Pete
10:29:00
Pete
Notice the big retracements after the gap fill. Also notice that there is a nice opportunity to catch the next move higher. The final thing to notice is that we should NOT assume this is going to be a bullish...
10:34:00
Pete
You can show up game day and try to beat your opponent, but Tom Brady studies film to see if his opponents have tendencies. Bill Belichick studies the officiating crew to see what their tendencies are and which penalties they...
10:36:00
Pete
1OP is the most incredible indicator. I rarely hear it referenced. It will help you with your timing. SPY M5 1OP will help you with your stock entry and exit and so will the stock 1OP M5
10:42:00
Pete
Remember in the other instances we had gaps down. Did those sellers just fold up shop and call it a day? No. There was selling pressure this morning. The previous pullbacks lasted 20-30 min. Calm yourself. Take a deep breath....
10:48:00
Pete
If we get pretty deep into this 1OP bear cycle and the retracement is minimal, you can start nibbling. That is your gauge. It is still early, but if we hold this level for 15 min, I would start feeling...
10:50:00
Pete
Right now you should be looking for D1 breakouts on heavy volume with the stock ticking higher or holding the hod
10:57:00
Pete
Some discussion on algos. I don't discourage you from trying to build something. I spent a fortune and countless hours trying to automate trading. I don't have anything to show for it, but maybe you are better at it. It...
11:13:00
Pete
We had a nice bullish hammer SPY M5. We want to see the low from that bar hold and we want this candle to turn green. If not, no worries. We keep waiting and we let the bear cycle run.
11:14:00
Pete
If SPY retraces much farther than this, it will make getting back to the hod difficult.
11:20:00
Pete
Compressed candles, tails under body, bullish engulf, bullish hammer. these are the patterns to watch for as 1OP gets extended on the downside. We want to see some of those surfacing before the cross.
11:37:00
Pete
You could have traded the short side, but after a big gap reversal like that I would not have expected a retracement that was this deep (just being honest). Knowing that there could be a decent sized retracement from my...
11:50:00
Pete
Half way point of long green candle holding and 1OP starting to show some signs of bottoming. Still wait too early to buy. Just giving you an update
11:53:00
Pete
I would start nibbling on longs here
11:55:00
Pete
Hari is all over 1OP. If you follow the ebbs and flows of what he is trading you will be in great shape next week and always. When you see DaveW post a trade, you know all of the checkboxes...
12:01:00
Pete
I have a number of things I need to short up so my posts will be minimal the rest of the day. I hope these comments helped you. Really lean on 1OP for SPY and the stock it will help...
13:05:00
Pete
So this is where you would start scaling out of longs. We've had a nice run from the entry, hit a target level and 1OP is ready to cross. We also know that the market has been volatile today so...
13:13:00
Pete
Is this where I would short? Not futures, a really weak stock... maybe but only small little scale in and it would have to be very weak. For futures we need to see tails above body, bearish hammer/engulf. We have...
13:20:00
Pete
There is your bearish engulf M5 on SPY. Now you would exit longs and start to consider shorts.
13:22:00
Pete
Timing is everything and 1OP will help you time your entries and exits. Learn how to read the price action and how to put the trading day into context and the puzzle pieces start to fit.
13:30:00
Pete
Now you can draw the M5 wedge. The middle of it is VWAP. The next drop should go below it and then we converge on it
13:37:00
Pete
You are in great hands! Thank you have Hari and DaveW, You also have each other. Lots of talented members. Thank you for helping each other find resources on the website. Keep it light on days when you have very...
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