Summary of PTGDavid’s Market Commentary
Throughout the trading session, PTGDavid provided consistent updates on market activity, focusing on key levels, price action, and trading opportunities. Below is a detailed summary of his insights:
- Market Data and Expectations:
- Initial Jobless Claims: Reported at 258k, above the forecast of 230k, triggering speculation around a potential quarter-point Fed rate cut in November. This fundamental data set the tone for cautious market expectations.
- Key Technical Levels:
- PTGDavid highlighted a core trading range between 5815 and 5830, labeling it as the “sandbox” within which the market fluctuated for most of the session.
- Initial Balance for the first hour was identified between 5812.75 and 5834, further reinforcing the range-bound nature of the day.
- Price Action Analysis:
- PTGDavid reported an initial move lower, which tagged the 5815 support level, followed by a reversal to 5825 before the market settled in its range.
- He emphasized the importance of the 5830-5832 zone as a resistance level that bulls needed to clear for upward momentum.
- There was a successful retest of 5815, which proved significant, marking it as a crucial level of support.
- Trade Execution and Targets:
- He shared live updates on trades, such as a CL (Crude Oil) Open range short that successfully hit its first target.
- Later, a long position on AR 10 hit all its targets, showing bullish initiative, but PTGDavid cautioned that price action remained within the previously defined range.
- Market Sentiment:
- PTGDavid’s commentary indicated a range-bound consolidation day, where price probes outside the sandbox were quickly rejected.
- Toward the close, he noted a MOC buy imbalance of $900 million, and the market moved back to VWAP (5826), signaling a balancing range day.
- Closing Remarks:
- As the session approached the end, PTGDavid confirmed the continued range-bound nature of the day’s trade, with price action confined to prior value areas and no significant breakout in either direction.
PTGDavid’s updates offered a detailed and disciplined approach to tracking market movements, emphasizing the importance of respecting established levels, and patiently waiting for directional moves.