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Pre-Market Commentary (7:42 AM – 9:02 AM)
- Key Levels Identified:
- LIS (Line in the Sand): 6030, derived from the prior session’s mid-zone.
- Lower Target Levels: 6005 and 5995 were highlighted as critical areas for market responses.
- Overnight Activity:
- Overnight trading showed buying activity at 6005, indicating potential support ahead of the Regular Trading Hours (RTH).
- Price was pushing current highs, suggesting early bullish sentiment.
- Scenarios Outlined:
- Bearish: Sustained offers below 6030 would target 6005–5995.
- Bullish Opportunity: Weakness to 6005 presented a prime buying opportunity.
During Market Hours Commentary (9:02 AM – 3:50 PM)
- Cycle Day Expectations:
- Day classified as Cycle Day 2, typically characterized by rotational range rhythms.
- Early price action confirmed expectations, with a test of 6005 followed by consolidation.
- Price Movements and Levels:
- Bulls needed to reclaim 6004 (previous day low) but struggled throughout the session.
- Sellers maintained control under the prior low, with multiple hurdles for buyers to overcome.
- Late in the day, sellers pressed lower, breaking key levels such as 5995 and approaching 5980.75 (CD1 low).
- Strategic Insights:
- Emphasis on trading direction and adaptability over identifying reasons for market movements.
- Bounces during the day were consistently sold, illustrating bearish dominance (“whack-a-mole” pattern).
End-of-Day Analysis (3:46 PM – 4:01 PM)
- Market-On-Close (MOC):
- Significant sell imbalance of $2.138B reported.
- Bears firmly controlled the session, with no meaningful recovery from bulls.
- Closing Remarks:
- PTGDavid reiterated the importance of focusing on trade execution over external reasoning, leaving market explanations to pundits.
Summary of Key Takeaways:
- The day’s trading adhered to the anticipated Cycle Day 2 behavior, with consolidation and bearish control.
- Traders were advised to adapt to the directional trends and use key levels like 6030, 6005, and 5995 to frame their strategies.
- PTGDavid emphasized pragmatic trading, focusing on technical execution over market narratives.
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