Alex's daily Market update & Focuslist - 02/02
Market following through on FOMC strength
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Alex ✌️🙏
GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Price Action Analysis:
ES_F followed through with a higher high today. The last three days’ strength is very impressive as we rallied 4% in this short period.
We reclaimed the 4180$ level but were not able to push beyond 4212$. That is the resistance area top level we’re currently in.
As much as these last few days’ pushes are impressive, we really begin to be extended on the indices. We found resistance at major resistance areas today. It will be interesting to see how healthy and controlled the next pullback will be…especially with the MEGA-CAPS bad earnings reaction in AMZN, GOOG & AAPL right after today’s close.
That’s the highest we’ve close on ES_F since last Sept., and we are getting right into resistance. So we’ll have to monitor very closely if we get a pullback or at least a consolidation, as we’re >11% extended from the 50dma on NQ_F. We’ve seen more than that on some of the early rallies off-market bottoms, but we’re getting in the “extended” territory.
On the upside,
Following mega-caps earnings, we’ve gapped down in the futures, so If we continue higher tomorrow, I’ll watch 4180$ and 4212$ levels as important potential resistance levels.
On the downside,
Tomorrow, If we pullback, I’ll want to see at least 4109$ level show support. Below that, it could indicate a deeper move in the books.
NASDAQ (NQ_F) Daily
RUSSELL 2K (RTY_F) Daily
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ PRIME_LIST (top 5 potential TML’s)
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Market Breadth & Internals
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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