Market Recap – PTGDavid Analysis

Morning Session: The day began with the release of the CPI data, which aligned with market expectations and catalyzed an initial price surge. Price swiftly hit DTS Briefing’s target zone of 6025-6030, validating the pre-set bullish scenario. The strategy for bullish traders was to maintain a bid above 6015, targeting the 6025-6030 range. This level was achieved by 9:01 AM, demonstrating the precision of our target analysis.

Mid-Morning Dynamics: Following the target hit, PTGDavid identified a key level at 6015, referred to as the “Line in the Sand” (LIS), which became a critical inflection point for the rest of the day. A breakout below this level initiated a bearish scenario, with an initial target of 5995-5990, which was reached by 10:07 AM. Monitoring volume at price proved essential as a lack of sellers below 6002 attracted buying activity, pushing prices higher within a defined range.

Afternoon Insights: In the afternoon, PTGDavid noted a bullish leaning with prices revisiting the upper quartile of the day’s range. A breakout above 6035-6040 would serve as a key threshold for further upside potential. However, the day remained largely range-bound, favoring “Dips and Rips” trading rhythm.

Close: The market closed near the LIS at 6015, signaling a neutral range day as price held within anticipated support and resistance zones. With a Market-On-Close (MOC) sell imbalance of $3.3 billion, there was potential for “pinning” around high-traffic strike levels, specifically 6000 SPX and 6028 ES. The day ended without a decisive directional move but offered effective trading setups based on established levels and volume dynamics.