Market Session Recap – PTGDavid (December 9, 2024)

The day opened quietly, with PTGDavid speculating on a potential “day-off” sentiment in the market. Initial activity showed a slow, steady decline, resembling what he humorously called a “Slow Gin Fizz.”

1. Early Session Updates:
   • The bearish scenario emerged as price sustained an offer below 6095, targeting the 6085–6080 zone.
   • These targets were fulfilled, with 6080 being tagged by 10:30 AM.
2. Cycle Day 1 Decline Analysis:
   • PTGDavid noted that the session marked the beginning of a new cycle (Cycle Day 1), with the average decline target set at 6075.25.
   • This target was reached shortly before 10:50 AM, confirming the strength of Taylor Cycle targets.
3. Continued Bearish Momentum:
   • Additional downside targets were identified and fulfilled:
     • 6069, 6065, and 6063 were sequentially hit during the late morning hours.
   • PTGDavid emphasized the importance of direction over pace, with shorts trailing via ATR shifts.
4. Midday Consolidation:
   • After tagging lower targets, the market entered a consolidation phase (6070–6080 zone).
   • Bulls were noted as needing to reclaim 6080 for any potential “squeeze-play.”
5. Afternoon and Close:
   • A Market-On-Close (MOC) sell imbalance of $1.1 billion was reported, leading to a further decline.
   • The session ended with the market near its lows, consistent with a typical Cycle Day 1.

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This session showcased disciplined tracking of market cycles, precise execution of bearish scenarios, and the importance of structural targets in trading strategy.