Alex's daily Market update & Focuslist - 02/01
Market rallies on FOMC!
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Alex ✌️🙏
GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Price Action Analysis:
What a reaction to FOMC & Jerome Powell’s conference!
ES_F retested the 10dma & 4056$ levels on the news, then rallied hard to reclaim the 4082$, 4109$ levels. We tried to push above the 4137$ base level, but we got rejected EOD to close just below it finally.
META reported after close, rallied +20% on the report, and helped ES_F gap up above 4137$, right into the resistance area.
That’s the highest we’ve close on ES_F since last Sept., and we are getting right into resistance. So we’ll have to monitor very closely if we get a pullback or at least a consolidation, as we’re >7% extended from the 50dma on NQ_F & RTY_F. We’ve seen more than that on some of the early rallies off-market bottoms, but we’re getting in the “extended” territory.
On the upside,
If we continue higher tomorrow, I’ll watch 4180$ 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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