Alex's daily Market update & Focuslist - 01/02

2023, here we come!

Good evening folks!

I hope you had a great Holiday and are fully recharged to begin this 2023 trading year on the right foot!

Let’s get ready.

Alex ✌️

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GENERAL MARKET ANALYSIS

S&P500 (ES_F) Daily

Price Action Analysis:

The analysis from last Thursday remains true for tonight as well… 👇

Ok…this market is clearly in a choppy & volatile range area. We can’t follow through on either side for the last seven days and reverse each breakout attempt.

I drew a range box (orange on the ES chart - 3803/3918$) that will be the top/bottom levels to watch in the next few days. Until we break from either side, I expect more chop and a directionless market.

If you decide to play this market, you ask for trouble and being stopped out, long or short.

On top of that, the market futures just opened with a +1% gap up, which was faded completely already. More reason to be super careful.

We are still IN THE RANGE BOX, below ALL KMA’S and in a downtrend, so be careful on the long side until we confirm an actual trend change, with AT LEAST a higher low on /ES.

On the upside,

3918$ top range box.

If we reclaim the 10dma & the current wedge DTL, it could be the first step for an upside reversal at these levels.

On the downside,

3803$ bottom range box.

NASDAQ (NQ_F) Daily

RUSSELL 2K (RTY_F) Daily

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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)