Alex's daily Market update & Focuslist report - 08/30
The market is up for the 4th day in a row following last week higher low - Now let's see where theinflation report (PCE) brings us tomorrow.
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Alex ✌️
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
Another constructive day, as the rally continues.
We retested the 4493$ level area and pushed to make the 4th consecutive high of that rally.
We are now between two important levels, 4493$/50dma and 4451$ structure level.
Tomorrow is an important PCE inflation report, so I’ll make sure to watch these levels for my bullish/bearish scenarios.
With four straight days up, now we’re getting a bit ST extended, and a pullback or sideway action is to be expected soon.
NASDAQ (NQ_F)
RUSSELL 2K (RTY_F)
PT MARKET MODEL (PTMM)
PTMM is back at a FULL LT GREEN market signal (🟩)
Price closed UP (+0.47%) and reclaimed the 50dma.
Breadth was UP (+193) - decent
U/D volume at 1.63 - decent
MCSI UPTREND + BELOW 10dma - within striking distance of the 10dma reclaim
Daily MOMENTUM was UP (+5.20) - strong
5 & 10-day both rising - both above 1
NNH is at +25 - Still Increasing
+0.28% < 50dma.
BOTTOMLINE:
Today’s 10-day momo ratio flipped positive and canceled the PULLBACK signal we had for almost four weeks. This is very constructive and encouraging for the ST/MT.
The market was green for the 4th consecutive day, following the higher low of last Friday. Strong was not extreme but decent and aligned with what we saw in a trending market.
Tomorrow will be a big day, as we have PCE, and we are just shy of the 10dma on MCSI for a potential RECLAIM or REJECTION.
Following mostly my positions price action during an LT GREEN signal, it is good to know that a minor pullback or stress test is likely soon.
Internals
MMTW (Stocks > 20dma - market extension)
Already above 50% with only 4 days rally. Still a lot of room to go, but that was a fast move.
MMFI (Stocks > 50dma - market extension)
Just getting started medium term.
2nd follow through on the channel breakdown. Good!
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Channel breakdown - good!
10Y Bond Yields (daily)
Follow through today, and sitting at the 21dma, this is an interesting spot. A bounce & retest of previous structure is possible before starting the real downtrend.
The downtrend continues - good!
BTC/USD (Bitcoin)
Pullback today, which is a normal & healthy action.
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
Make sure to subscribe and support my work if you’re interested!
✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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