We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
This psalm opens the daily morning service in synagogue.
Overall a pretty good translation.
Notice the use of the names "Lord" (=G-d as merciful parent) and "G-d" (= G-d as judge)
In the Hebrew canon, this starts with "For the choirmaster, a song of David".
1) "extol" in Hebrew literally means "I will elevate you" - relevant to the imagery of the verse.
2) "cried" comes from the root meaning "salvation" - so it's a yearning for help, a cri de couer.
3) "sheol" is not a place, it just means "the grave". The word "pit" is general, not necessarily a grave.
"restored me to life" is one word that means "resuscitated"
4) Original just says "sing to the Lord..."
5) The first part is actually a rhyming couplet that reads "For a moment in His anger, is a lifetime in his favor..."
The word for "favor" means "desiring, being pleased with" - an intimate relationship, rather than a kingly notion. This is the same word as in "accept with favor" or "Be pleased, oh Lord, with our prayers" that repeats in the Jewish prayer book.
The second part can be interpreted as referring to a person: "one goes to sleep in tears" but wakes "to joy in the morn."
6) "prosperity" is better translated as "serenity" and here it means "complaisance"
7) "By your favor" = "it was your will"- meaning, not by dint of my own efforts. This is what the author has learned from their (temporary) trouble.
"dismayed" is the much stronger "confused" or "confounded" in the original.
8) The first "Lord" is the tetragrammaton, the second one is literally spelled as "Lord". Implying two different acceptances of G-d - as creator, and master.
9) Different word for "pit" is used here - more specific to a grave. Second phrase can also be rendered as "does dust praise you, or tell your truths"
10) "be gracious" can also mean "pardon".
"Be my helper" is literally "be an aid to me"
11) "Clothed me with joy" is literally "girded me with joy".
12) "My soul" is literally "my honor" - a secondary meaning
rarely used outside the Psalms, but relevant to the speaker's new understanding following their troubles - see verses 6-7.