Alex's DAILY Market update & Focuslist - 04/10
Bad reaction to the CPI report - where will the market go from here?
Good evening!
Enjoy tonight’s DAILY edition.
Alex ✌️
Tonight’s 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
Focuslist including setups, alert levels & explanation (long & short)
Leaders list + Scans (technicals, fundamentals & potential TMLs)
My Portfolio Update
Economic Calendar
PrimeTrading Market Model #PTMM
It was a weighty distribution day today on the CPI reaction. There was strong selling participation (-67%), strong downside momentum, and price broke the 21dma with strength. We are approaching the 50dma, a spot to watch for potential support.
We also saw the first NNL for the first time since last November, which is a pretty big warning signal that the trend is shifting.
Overall, the chop continues, and the 5-day ratio is now oversold at 0.48. So don't get too bearish too soon, as an ST bounce might happen soon. The reaction to that bounce now will be critical.
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