Alex's daily Market update & Focuslist report - 11/27
GDB closed negative at -191, in what seemed to be a healthy digestion
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Today was a pretty light negative day to start the post-holiday week. So far it seems like healthy digestion, based on individual stocks & PTMM action. We see some noticeable decoupling and very tight ranges right below key pivots.
We saw that VIX could not reject the 12.73$ area entirely as we gapped open above it and closed below EOD. For me, if the market wanted to pullback, we would have seen VIX spike from that shakeout & gap.
I remain very cautious with mixed signals, considering that ES/NQ are very extended due to mega-caps. The broad market certainly shows signs of being extended & overbought too based on MMFI & MMTW, but RTY/IWO are looking very constructive for a potential continuation breakout. I am entering a period where I will follow PTMM, setups & my own PF way more than major indices. As long PTMM & stocks don't give me red flags and are above kma's, I'll remain in a tactical trading mode, where I quickly finance & limit my new open risk, while I raise my stop & take profits along the way. With what really looks like a lockout rally, that's the only way to participate in a risk-first approach.
Tonight’s daily report content
General Market Analysis: NASDAQ - S&P 500 - RUSSEL 2K - OTHERS, including my daily levels & my bullish and bearish scenarios
PrimeTrading Market Model #PTMM & Internals
Sectors & Themes Analysis
daily Focuslist including setups, alert levels & explanation (long & short)
Leaders list + Scans (technicals, fundamentals & potential TMLs)
My Portfolio Update
Economic Calendar
Prime Model spreadsheet (PT_database)
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