Daily Market Analysis

2022-08-19

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
PRE-OPEN MARKET COMMENTS FRIDAY – The S&P 500 has run up 12% in a month on relatively light volume. The interest rate hikes to date will take time to filter through the economy and until then, Asset Managers will remain...
09:54:00
Pete
Stacking red candles. This is bearish and we could see a bear trend day
10:04:00
Pete
We are seeing some support with tails under body and a 1OP bullish cross is likely in a couple of bars. It is still too early to buy. This is a 40 pt drop with follow thru selling. It is...
10:18:00
Pete
So if you are looking to short, you want a benign 1OP bullish cycle. Brief and shallow bounce. That will be a sign that there is more downside and that will provide a good entry point.
10:20:00
Pete
If you are looking to buy, you want to see this support hold and you want at least one really nice long green candle. You must wait. We need to make sure it is not a solo short sqz. If...
10:38:00
Pete
So far not much lift from this bullish cycle. Too early to pas s judgement, but this is a sign of persistent selling pressure
10:39:00
Pete
This seems like nice support forming to the naked eye, but not when you take 1OP into consideration.
10:53:00
Pete
I hope all of you are seeing how that bullish cycle produced nothing and how what looked like support was actually bearish
10:55:00
Pete
I would feel pretty confident shorting here with the bearish cross. We want to see a nice new lod on this cycle. We do NOT want to see a marginal new low and compression. That would be a sign that...
10:58:00
Pete
Paint a picture of what you would like to see out of the cycle from both a bullish and a bearish perspective. As it runs you will know how to position yourself. It works great for SPY, but also for...
11:03:00
Pete
New lod and bear flag. I would like to see a nice leg lower because the risk of a compression is high given the price action so far and the fact that this is Aug. A nice drop will keep...
11:11:00
Pete
This is a nice new lod.
11:17:00
Pete
Because I am in a hotel I have had CNBC on. Wanted to listen for 2 hours (been years). What a bunch of garbage. Zero info of value. Turn this crap off. Focus on price, setting alerts and finding new...
11:23:00
Pete
o we have not been able to clear the half way point of the last red candle. and we are staying close to the lod. This is bearish and the cycle still has a little time before it completes. If...
11:24:00
Pete
I have SPY up and 1OP. I don't even have volume on the chart. I am in a hotel on a crappy laptop. Learn to read price action and 1OP and you do not need anything else
11:27:00
Pete
1OP looks ready to cross and we are compressing at the lod. I would take gains on shorts here and wait for the bullish cycle
11:28:00
Pete
Have to be a little more cautious on the short side after a 12% rally in a month. Next support SPY $417.50. Unlikely we get there today
11:37:00
Pete
Bears want another benign 1OP bullish cycle. This is a bear trend day so you need to expect that we have probably not seen the lod yet. You need to stay in a bearish mind set until the market tells...
11:39:00
Pete
This is a game of chess. If I move here, they are likely to move here and then I will counter with this move. If I move here and they respond with this I will move here. If you can...
11:46:00
Pete
Look at that nice lift off of the lod early in the bull cycle. We did not see that the last time and the bullish cycle is just starting. That is a good sign that the lod might be in,...
11:58:00
Pete
So there will be a chance to short the next bearish cross. It has been producing, but you need to set passive targets because we have support. This early in the bullish cycle, this is a nice bounce. If we...
12:02:00
Pete
So, parting comments. Favor the short side on the bear cross. Know that support is forming and set passive targets. Watch for that higher low double bottom and wait for the bullish cycle. That will set up a nice little...
12:04:00
Pete
If you thought that price movement was random and that no one can predict where we go next, now you know differently and hopefully it will motivate you to learn to read price action and 1OP.
12:06:00
Pete
One final point, I am doing this on a laptop with one screen. I don't have a war room with 20 charts and dozens of indicators. You don't need it. If you are in your war room and trading a...
16:01:00
Pete
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