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 ✌️
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
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)
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