2022-08-23

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09:30:00 Pete	PRE-OPEN MARKET COMMENTS TUESDAY– Yesterday we saw heavy selling and the S&P 500 breached an upward sloping D1 trend line and horizontal support at $417.50. The market never came up for air and it closed on the low. Sellers were...
10:16:00 Pete	In the first 45 min they are trying to spark a market bounce. 1OP crossed back and now we wait to see if the bounce can continue or if it runs out of steam. I still feel that our best...
10:19:00 Pete	The bounce has been ok so far, but the candles are not stacked. I will be watching the half way point of the last long green candle. I would like to see that fail and then I would like to...
10:21:00 Pete	We barely bounced yesterday and that is why I felt the first move on the open might be a wimpy bounce. If the next bearish cycle produces nothing, it will confirm support and then I will shift gears to the...
10:26:00 Pete	1OP bearish cross pending and halfway point of green candle about to be tested.
10:34:00 Pete	This is where I would like to see a lower high. The current candle needs to be erased quickly in the next bar or two if it stays green. That would tell that there is some resistance.
10:36:00 Pete	This is where you should be VERY careful entering long positions!!! We have a bearish 1OP cross in a market that has had heavy selling the last few days. You should not be trading against the system.
10:38:00 Pete	If the bearish cycle runs and we do not get much of a market pullback - fine. then you have the evidence you need. At this juncture it is risky to be adding to longs. Do we have heavy volume...
10:39:00 Pete	The long green SPY M5 candle from the previous bar is being instantly erased with this bearish engulf.
10:40:00 Pete	Now we are going to test $413.50. This is where I would be short.
10:46:00 Pete	The one thing we should also be aware of is the overlapping mixed candles. That tells us there is a lack of direction. After a big market decline the last few days, we should expect a day of rest. Given...
10:57:00 Pete	If you are wondering what the @#$% went wrong with your longs, you are not paying attention to my comments or 1OP for SPY. I outlined exactly what I was looking for and why. We got that exact set-up and...
11:02:00 Pete	Nice stacked red candles during this bearish cycle and a test of the lod likely. We want to attack it just like we are. That would give us a good chance of breaching it.
11:10:00 Pete	We attacked the lod and that is what we want. We do not want to creep towards it. That gives us a better chance to break below it. We are also still fairly early in the bear cycle and it...
11:12:00 Pete	If this bearish cycle runs and we can't take out the lod, we could be trapped in a range the rest of the day as I explained earlier. We don't want that, but it is very possible.
11:17:00 Pete	no follow thru and I would start taking gains on shorts.
11:35:00 Pete	1OP has not really crossed because both lines are still moving lower. I would love to see a new lod to get things cooking, but I doubt we get it. 1OP is very far in the cycle so best to...
11:37:00 Pete	The chance of us staying in the range is pretty great. Bears want a benign 1OP bullish cycle. That would be a sign that sellers are keeping a lid on the action and that the next bear cycle might result...
12:02:00 Pete	So far this is a benign market bounce during this 1OP bullish cycle. The market has not been able to rally. That means that the next bear cross could push us to a new lod. 1OP could cross fairly soon
12:15:00 Pete	We are starting to stack up buyers at the $412.50 level. That means that today we are likely to breach that support to trigger sell stops. Is that move going to have follow thru? Hard to tell, but given the...
12:18:00 Pete	That didn't take long.
12:35:00 Pete	And now we have proof that that was just a head fake to trigger sell stops and the lod is likely in. That immediate bullish engulf after the lod was the tell
13:30:00 Pete	Buyers should be pretty satisfied today. The bid was successfully tested and we saw an immediate bounce. The low from Mon has also been holding. This will embolden buyers. No looking for a massive rally, but we should be able...
15:58:00 Pete