Morning Observations: Early Support and Target Levels
PTGDavid began the session highlighting a successful pre-RTH support test at 5995, designated as the Line in the Sand (LIS). This initial buyer response provided an early indication of bullish sentiment and support stability. By 9:59 AM, he marked the 6015 target as achieved, with an optimistic forecast that price sustenance above 5995 would target the 6015-6020 zone, setting up the potential for a strong upward move.
Mid-Morning Sentiment and Market Conditions
By 10:13 AM, PTGDavid described the market as being in “hangover-mode,” noting a slow, grinding pace even as the 6020 target was fulfilled at 10:47 AM. His posts continued to track the market’s steady but cautious advance through established levels. The commentary conveyed an awareness of potential slowing momentum, but without a reversal in the bullish undertone.
Afternoon Updates: Target Fulfillments and Ongoing Challenges
The afternoon session saw more significant milestones reached. At 1:57 PM, PTGDavid noted that the 3-Day Rally Target of 6034 had been fulfilled, followed shortly by the Cycle Day 1 Target of 6038 at 3:03 PM. However, he also reflected on recent difficulties within the trading landscape, remarking on a “rough sled lately with OPR,” which underscored some challenges traders were facing in recent setups. This insight provided an understanding of the broader struggles even amid technical achievements.
End-of-Day Dynamics: MOC Sell Imbalance and Market Absorption
The end-of-day commentary focused on a significant MOC (Market-On-Close) Sell Imbalance of $4.377 billion at 3:50 PM. While discussing this with other members, PTGDavid noted the potential for the market to “suck up” this imbalance, hinting at possible resilience despite the heavy sell volume. By 4:00 PM, he confirmed that the market had indeed absorbed the imbalance, closing with a firm bid and maintaining the bullish tone into the close.
Summary and Key Insights
PTGDavid’s commentary provided a strategic guide through the session’s key price levels, underlying sentiment, and closing dynamics. His consistent updates on target fulfillments and reflective notes on broader challenges highlighted both the resilience of the market and the vigilance required in navigating volatility. The firm close, backed by market absorption of the MOC imbalance, suggests a potential carry-forward of this bullish momentum into the next trading session, contingent on continued buyer support at key technical levels.
This recap underscores PTGDavid’s disciplined focus on both technical precision and adaptable market awareness, offering actionable insights into price dynamics and sentiment shifts throughout the day