Market Recap: October 24, 2024

Morning Overview: Recovery and Bullish Prospects At the start of the trading session, PTGDavid noted that overnight trade activity had driven a recovery rally into the key 5865-5870 target zone outlined in the Daily Trade Strategy. The morning outlook presented a bullish scenario, contingent on price sustaining a bid above 5850. This early positioning aimed for the 5865–5870 level, with the market recovering approximately 75% of a prior decline.

Key Levels and Market Rhythms David emphasized the importance of the 3-Day Central Pivot Zone, aligning with the CD2 range target at 5873–5876. The “Line in the Sand” was set at 5850, a critical level for monitoring the market’s direction throughout the day. The morning session adhered closely to expected market rhythms, with the establishment of a cycle low leading to a subsequent rally. However, the market faced several false breakouts, described as “trappy,” leading to a reminder for traders to remain patient and avoid overtrading in uncertain zones.

Midday Market Action: Consolidation and Key Probes As the day progressed, the market traded within a tight range, with notable resistance around the opening range and 5850 level. Despite attempts to break higher, the open range continued to reject buying efforts. PTGDavid highlighted that the market had respected the “MATD rhythms” laid out in the morning briefing, with the afternoon session requiring bulls to break and convert the 5850 level to push higher.

Afternoon Session: Patient Probes and a Late Push In the later hours, David advised traders to stay nimble within the established 5840–5850 “sandbox,” probing both long and short positions near the edges of this range. Despite multiple tests, buyers struggled to clear the open range, leading to what David described as a “textbook Cycle Day 2” rhythm. In the final minutes of the session, bulls made a concerted effort to break higher and orchestrate a closing rally, but the market ultimately closed within the opening range.

Conclusion October 24 adhered closely to Cycle Day 2 patterns, with the market cycling between key support and resistance levels throughout the day. PTGDavid’s guidance focused on strategic patience, urging traders to avoid overextending positions during periods of false breakouts. The closing action saw the market contained within the opening range, capping a day marked by disciplined price action and adherence to pre-established levels.