Alex's daily Market update & Focuslist - 03/05
Selling coming in the market following yesterday's false breakout.
Good evening!
As a reminder, tomorrow morning & Thursday, Jerome Powell is testifying at 10:00. Tomorrow is a prepared statement, and Thursday is Q&A. This should bring good volatility in the market for the next 2 days.
Cheers & have a good week!
Alex ✌️
Tonight’s daily report content
PrimeTrading Market Model #PTMM + Takeaways
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
Good selling came into the market as we followed through on the false breakout today. Price, momentum, and breadth all accelerated from yesterday's, and the close buying saved the PULLBACK signal from a hair. Overall today showed good selling, while not being that broad so we can't really talk about a broad market distribution day based on what I see here.
MCSI is flat and could hook down tomorrow
5-day ratio back< 1, and 10day approaching too.
MT/LT_momo are back in a downtrend.
Price remains above all kma's.
I see today as a serious warning shot, with the feedback I got in my positions & watchlist, but with the trend still up, we'll have to wait before calling this the start of a pullback or even correction despite the recent extension. One day at a time, but it's certainly defense time for me.
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