Market Overview:
- The session began with the price holding a critical support level, identified as the 5930 Line in the Sand (LIS). Initial upper targets were reached between 5945 and 5950, marking early trading success.
- Notably, the NASDAQ (@NQ) similarly achieved its target zone of 21300-21315 per the Daily Trade Strategy.
Key Market Events:
- The Non-Farm Payroll (NFP) report at 8:30 AM triggered a reaction, swiftly tagging the lower target zone of 5910-5900. Both upper and lower target zones were met early, setting the tone for active intraday trading.
Market Sentiment and Strategy:
- Early trading leaned towards bearish sentiment, with a focus on reclaiming key support levels at 5930 for bulls.
- PTG’s directive emphasized alignment with the dominant market force, maintaining a disciplined trading strategy based on prevailing trends.
Technical Analysis and Key Levels:
- ES levels:
- Key price levels highlighted included 5884, with a later shift to 5863 establishing a two-way traffic zone.
- Rejections from the VWAP and Point of Control (POC) were significant, influencing short-side trades.
- NQ levels:
- 21019 and 20886 were key targets as price action evolved.
Market Action Highlights:
- Traders observed “Whack-a-Mole” price action, with persistent market bounces challenging bullish positions.
- Despite market volatility, PTGDavid noted successful plays including a PKB long at 5852, yielding strong profits by early afternoon.
- Late-session selling accelerated, culminating in a Market On Close (MOC) sell imbalance of $3 billion.
Closing Notes:
- The trading session concluded with discussions on strategic adjustments and profitability from both long and short positions throughout the day.
- The day served as a reminder of PTG’s guiding principle: staying aligned with the dominant market force while capitalizing on both bullish and bearish opportunities.
PTGDavid closed by acknowledging the dynamic nature of the day’s market, highlighting disciplined trading strategies as a foundation for success.