Trading Room RECAP 10.16.24

Here’s a summary of PTGDavid’s posts throughout the trading session:

  1. Market Opening and Early Moves:
    • The session started with selling pressure and initial trades in Nasdaq (NQ) and Crude Oil (CL), with short targets being fulfilled.
    • PTGDavid mentioned a potential retest of prior lows and then looked for the price to reclaim the Open Range midpoint and the previous close.
  2. Bullish Scenarios and Targets:
    • He frequently outlined a bullish scenario with a key target zone of 5875–5880, expecting prices to hold above 5850.
    • As the price moves up, he reported fulfilling initial targets and notes that bulls need to maintain control above key levels for further upside.
  3. Structural Levels and Market Dynamics:
    • The chat included updates on structural support levels, such as 5860 (Open Range midpoint), and the wider trading range (sandbox) between 5855 and 5875.
    • He emphasized maintaining flexibility with trading ranges and notes market consolidation or balancing after the previous day’s trend.
  4. Key Developments and Price Action Updates:
    • PTGDavid highlighted significant developments like Nasdaq reclaiming its Open Range, which was an important signal for the rally.
    • He frequently updates on price action, mentioning key levels like 5890 and 5895 as targets or areas for the market to clear for further gains.
  5. Sector and Market Internals:
    • PTGDavid discussed the leadership of sectors such as financials, materials, and technology during the rally.
    • He notes that market internals are supporting the bullish sentiment and relief rally towards the targeted levels.
  6. End-of-Day Activity and Closing Remarks:
    • In the final hours, he focuses on options pinning levels and the market-on-close (MOC) buy imbalance of $1.5 billion.
    • He observes how the price action approaches key resistance levels and highlights the potential for a “squeeze-play” if bulls can sustain a bid.

Overall, PTGDavid provided continuous updates on the evolving market dynamics, focusing on key price levels, structural pivots, and sector strength to guide trading decisions.

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