Alex's daily Market update & Focuslist - 05/09
Tomorrow is CPI, buckle up!
Good evening guys!
I hope you had a good day, even if the market was pretty uneventful before CPI.
Alex ✌️
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GENERAL MARKET ANALYSIS
NASDAQ (NQ_F) Daily
Price Action Analysis:
NQ returned inside the base area today, retested the 13250$ ish area, and approached the 10dma.
We are really at a pivot point going into CPI. We either bounce from that area and get an upside continuation, or we roll over, and Monday was only a false breakout.
I’ll watch for a reclaim of Monday’s high pivot to confirm a continuation higher tomorrow, and a break of the 21dma would be trouble on the downside.
RUSSELL 2K growth (IWO) Daily
Price Action Analysis:
IWO still builds at the DTL, 72/89c, and 2w ago gap.
We gapped down and held the recent gap area and 10dma, but we got rejected at the DTL & 224.45$ level today.
Tomorrow is pivotal here as well. We either breakout that DTL and resume higher, or we break below that gap area & UTL for a downside continuation. If that’s the case, the 219.38$ will be to watch for potential support.
As long as we remain in that range between the 228.49$ and 219.38$ level, we’ll likely see choppy and lack of follow-through as we see right now. We want to see a clear break of either one to confirm a market direction and possible trend developing
S&P500 (ES_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
✅ 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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