In terms of the present context this title refers to God the Father (see on Ps. 110:1).
My Lord.
In terms of the present context this refers to Christ (see Ps. 110:1).
Sit thou.
These words suggest the recognition of Christ as holding a unique position (see Eph. 1:20; cf. Phil. 2:10, 11).
Is not ascended.
Rather, “ascended not.” Peter’s argument is clear. David had died and been buried (see on v. 29). Therefore the statement of Ps. 16:10, “Thou wilt not leave my soul in hell” (see on Acts 2:27), could not refer to him. Here is clear evidence that Peter believed that man does not ascend to heaven at death (cf. 1 Thess. 4:14-17; see on 2 Sam. 12:23; 22:6; Job 7:9).