Daily Market Analysis

2022-12-21

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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08:40:55
Pete
08:56:05
Pete
09:30:01
Pete
PRE-OPEN MARKET COMMENTS WEDNESDAY – The S&P 500 lost almost 10% in the last week. Yesterday there were signs of support at the low of the day and buyers defended that level. The S&P 500 is up 30 points before...
09:30:19
Pete
Good morning!
09:41:33
Pete
Two mixed candles of decent length to start the day on light volume. "Danger Will Robinson". You should be on high alert that this is going to be a shitty, choppy day. Put your wallet back in your pocket and...
09:45:10
Pete
So we are not going to get a gap reversal. Buyers are mildly supporting the move. We are still not thru the hod from Mon.
09:48:26
Pete
SPY just tested the high from  Mon. I am going to see if I can find any decent looking longs. While we wait for 1OP
09:58:35
Pete
Market backed off of high from Mon. Light volume and mixed overlapping candles. 1OP still dropping so no reason to buy.
10:21:51
Pete
We have a bullish 1OP cross, but the price action is garbage for /ES trading and the volume is light. 
10:35:55
Pete
$386.58 is the high from Friday and if we get thru that we will fill in some of the gap. The buying has been steady, but on light volume. 1OP is getting a bit over-extended so as we reach for...
10:44:46
Pete
This is going to be a fairly substantial resistance level. High from Fri and gap above + 50-day MA. 1OP is ready for bear cross so good place to take gains on day trade longs. at very least take partial...
10:48:02
Pete
For shorting we want to see the open of that last green candle fail quickly ($385.88). That is where I would put a partial on. We don't want to tick down to it, we want a nice red candle. 
10:50:25
Pete
This bounce had decent momentum and once it got going not a lot of retracement and some volume towards the end. I don't believe we will see a massive reversal like we did Tues. Notice how the candles are nice...
10:52:59
Pete
I would take gains on longs and let the bearish cycle run. If we stay pretty tight to the hod during the bearish cycle we will make a run at the 50-day MA on the next bullish cycle and we...
10:54:47
Pete
Short ES $3905 1/2 position.
10:59:06
Pete
I only have 1/2 position on so I am willing to see what happens at the 50-day MA
11:17:02
Pete
Chop means that buyers and sellers are engaged. It also means that regardless of when you enter, you are going to take some heat on the trade. It is much harder to hang on to a position like that. These...
11:19:36
Pete
I was early on my /ES short. I went small knowing that and I had to take some heat. I knew we could test the 50-day so I'm ok with that. If I see a nice long red candle soon...
11:32:11
Pete
for me to stay short /ES I need to see a lower high double top. It needs to happen in the next few bars or I will close the trade. We are getting pretty far into this bear cycle and...
11:32:40
Pete
If I get that formation and we take out $386, I will add
11:41:50
Pete
Short ES 3905 1/2. I have a full position on now at that price
11:44:25
Pete
Now I need to see follow thru selling in the next two bars to stay in. If we just start chopping around at this level I will exit. We have a lower high and this should excite sellers and worry...
11:58:57
Pete
I am watching the half-way point of the last red candle. I want it to hold. Once I have some cushion I can place my stop and get on with other things I need to work on
12:04:04
Pete
/ES $3905 stop. That is my entry price. 
12:16:21
Pete
Exit ES 5 pt gain $3900. 
12:17:29
Pete
That was on a full position. I gave the trade as much time to work out as I wanted to. I have a bullish 1OP cross and the price action on the upside was strong and the volume increased late...
12:19:10
Pete
The volume during the dip was not good and lots of overlap and tiny bodied candles. The move I wanted would have included nice long red candles and ideally a couple that were  stacked. 
12:20:34
Pete
The downside could still work, but I could just as easily see a bull flag here where the 1OP bullish cross produces. The closer I get to 50:50 odds the more inclined I am to take gains. Those are just...
12:37:47
Pete
This is some brutally slow action as far as the market is concerned. Light volume. I do feel we could see a little pop on this bullish 1OP cycle. 
12:40:55
Pete
We did NOT retrace very far from the high and that tells me that sellers are not very aggressive here. Heading into light holiday trading sessions shorts will be willing to take gains now that support has formed. There is...
13:24:25
Pete
We have a lower high and a bearish 1OP cycle just about to start. We backed off with some nice red candles. I will short if $385.50 falls quickly
15:45:10
Pete
SPY right on the VWAP. The next two days could be very dull. No news and light volume.
15:46:32
Pete
Even in this garbage backdrop, we are still finding some nice trades. We can't size up and we need to be careful and take profits quickly, but a few trades is all it takes.
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