Alex's daily Market update & Focuslist report - 11/15
GDB closed at +328 as the market followed through on yesterday's power move, but getting really extended and due for a pullback.
Good evening!
I hope you’ll like this report!
Here is what you could do to help make them possible and support my work.
Leave a like on this post below.
Share this post on Twitter (X)
Thanks, Alex ✌️
Today was constructive, as we saw the broad market stronger than indices, and we've been able to hold following yesterday's power move. ES/NQ are very extended (both hit 4x ATR from 50dma today) and getting right into overhead base area resistance, which we rejected today. The market feels a bit tired, which makes me think we are starting to see some digestion, and we might either pullback or see a healthy consolidation.
Either way, the R:R for new exposure is behind us, I think it's time to see what will happen following today's rejection on ES/NQ and wait for good tight setups to form before ramping up long exposure again.
Stop Losses are in place, the risk is known, and it's time to see where the RS (relative strength) is and what setting up well for the next window of opportunity.
Keep reading with a 7-day free trial
Subscribe to PrimeTrading to keep reading this post and get 7 days of free access to the full post archives.