PTGDavid’s market commentary for the session reflected a cautious and balanced tone, as the price action remained range-bound and indecisive.

Pre-Market and Early Session:
Heading into the open, the market showed balanced overnight activity, with price trading in the upper quartile of the range. Buyers stepped in early on a dip to 5775, pushing the price toward the Line in the Sand (LIS) level at 5785. However, initial bullish breakout attempts were repelled by overhead options resistance, leaving the market confined to a narrow range of 5787-5797. While Nasdaq (NQ) led with a long bias and successfully hit its first target, the S&P 500 (ES) remained sluggish, unable to follow the upward momentum.

Midday Developments:
Despite some activity in Crude Oil, where long targets were filled, the broader market, particularly ES, struggled to gain upside traction, staying locked within a tight range. PTGDavid noted the lack of volatility and trading edge, with price continuing to test 5785 without a decisive move. As the session wore on, the market appeared to stall, leading to muted opportunities for trade setups.

Afternoon Action:
Returning from lunch, PTGDavid observed a critical shift as price breached the LIS at 5785, triggering a move to the 5770-5765 target zone. This led to a shift in the structural bias toward the sell side, with traders now eyeing resistance at 5785 on any potential bounces. Multiple buy responses were seen at the 5770 zone, a key level highlighted in the daily strategy briefing.

Closing Phase:
In the final hours, the market continued to churn between the lower target zone (5765-5770) and the LIS, with price unable to break decisively in either direction. Value appeared to shift higher briefly, but without a sustained breakout. As the day came to a close, PTGDavid characterized the session as “neutral,” with price closing around the LIS level of 5785 and limited movement during the Market on Close, signaling continued consolidation.

Overall Session:
Marked by five days of balancing and consolidation, today’s session offered little in the way of clear trade edges. PTGDavid’s commentary underscored the market’s indecision, noting the need for a more decisive directional move, possibly in the coming sessions.

This neutral tone suggests traders may need to exercise patience until the market resolves this consolidation phase.