Alex's daily Market update & Focuslist - 12/18
Today we saw the large & mega-caps taking back the lead while the rest of the market was digesting the recent strong run-up.
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 ✌️
Tonight’s daily report content
PrimeTrading Market Model #PTMM
General Market Analysis: NASDAQ - S&P 500 - RUSSEL 2K - OTHERS, including my daily levels & my bullish and bearish scenarios
Market Internals
Sectors & Themes Analysis
Daily Focuslist including setups, alert levels & explanation (long & short)
Leaders list + Scans (technicals, fundamentals & potential TMLs)
My Portfolio Update
Economic Calendar
PrimeTrading Market Model #PTMM
PTMM switched on a GREEN market signal (🟩)
Key Takeaways:
GDB closed at +89, which seemed to be a healthy rotation/digestion day.
NNH retracted again (digestion)
Momentum dying even more today (digestion)
Price > 9.23% from 50dma. Very extended.
I’ll look at digestion around the 10 or 21dma, which is 3/6% from the current price. One day at a time.
The market continues to be the strongest we’ve seen in years, with internal rotation supporting the broad market while some areas are digesting and consolidating.
As discussed last night, today we saw the large & mega-caps taking back the lead while the rest of the market was digesting the recent strong run-up.
I don’t know what will happen in the next few days, but I know that mega-caps are looking very good, especially with today’s multiple bases breakout, and small-cap stocks are digesting very healthily so far. All I know is the trend is up & strong, above all, despite being extended and overbought.
It’s hard to be bearish with that current look…
As always, we’ll take it daily by keeping risk tight.
System Action/Rules:
LONG exposure allowed
FULL positions (20%)
Trimming 1/3 at 2R & 5R
Keeping 1/3 as a runner position
PF exposure max = 100% or margin
New open risk (NOR) > - 1%
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.