Daily Market Recap by PTGDavid
Date: November 6, 2024
Highlights:
- Market Overview & Historic Volatility:
- The day opened with significant overnight gains, with the S&P up 2.31% and Nasdaq rising by 1.76%. PTGDavid classified this recent 3-day cycle as a “Super Cycle,” noting an impressive 259% increase in average cycle range—a rare occurrence indicating heightened market momentum.
- Strategic Calls & Key Trades:
- CD1 Options Call: Achieved standout success as volatility and favorable setups aligned early.
- Oil (@CL) and Nasdaq (@NQ): PTGDavid provided ongoing updates on these key markets. Initial @CL opening range long targets were fully achieved, while the @NQ opening range long experienced a minor stop-out at -1R.
- Intraday Zone Markers: The day featured strategic price zones, including the 24-hour VWAP zone at 5900–5905 and short-probe considerations at 5920–25, supporting dynamic positioning.
- Market Consolidation & Afternoon Session:
- Throughout the afternoon, the market entered a period of consolidation within the 5910–5930 range, creating opportunities for two-way trade. This period of sideways movement set the stage for another upward push to new all-time highs.
- Market on Close (MOC) Dynamics:
- PTGDavid tracked MOC imbalances closely, highlighting a series of rapid fluctuations. An initial MOC buy imbalance of $759 million flipped to a $1 billion sell imbalance before reversing again to a $1.5 billion buy. These shifts underscored the high-stakes “Market on Close games” that defined the closing minutes, with imbalances absorbed and adjustments made accordingly.
Final Observations:
- PTGDavid closed the day noting the market’s resilience in absorbing imbalances and the importance of adaptive positioning. The emphasis on market-aligned strategies remains a core principle, with real-time adjustments reflecting the day’s dynamic conditions.
This day of trading exemplified PTG’s commitment to seizing overnight and intraday opportunities while navigating substantial end-of-day volatility with precision.