Market Analysis by PTGDavid – October 9, 2024

PTGDavid provided a comprehensive and dynamic overview of the day’s market movements, with a focus on crude oil (CL), the S&P 500 (ES), and Nasdaq (NQ) futures. The morning session began with quiet consolidation above key support levels, setting the stage for potential bullish momentum ahead of the anticipated CPI report.

Key Highlights:

• Crude Oil (CL): PTGDavid identified successful short trades in the CL open range, with all lower targets being fulfilled early in the session. Consistent with his projections, the crude market delivered on both days, reflecting precision in target setting and execution.
• S&P 500 (ES) & Nasdaq (NQ): The broader indices saw bulls gain control, with PTGDavid noting the importance of the 5795 support zone for ES. He maintained a long-leaning bias, advocating buying on dips as the market consolidated and moved toward key resistance levels.
• 3-Day Cycle Targets: In a testament to the strength of his cyclical analysis, PTGDavid confirmed the fulfillment of the 3-Day Cycle Targets for both ES and NQ, crediting the Taylor 3-Day Cycle Rule for its predictive reliability. His strategic insights also led to a successful call option play yielding a 3X return from the CD1 low.
• Afternoon Session: Following a new all-time high, PTGDavid noted the market’s consolidation above VWAP, with prices holding steady in anticipation of a positive CPI reading the next day. He maintained a focus on long positions, confident in continued bullish momentum.

Conclusion:

PTGDavid’s commentary throughout the session was marked by tactical precision, underpinned by robust technical analysis. His focus on key levels, combined with the effective use of trading cycles, ensured consistent target fulfillment and strategic positioning ahead of pivotal market events. The day closed on a high note, setting a positive tone for the upcoming CPI report.