Alex's daily Market update & Focuslist - 07/17
The market refuses to follow through on Friday's reversal and confirm its strength
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Alex ✌️
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GENERAL MARKET ANALYSIS
NASDAQ (NQ_F) Daily
Price Action Analysis:
What a strong market…!
After Friday’s reversal, and with how extended the market was, I thought there were good odds of a pullback. The market confirm today that the trend is super strong, and even one-day dips are bought aggressively.
We pushed right through 15741$ and made a new 52w high above 15857$ pivot. If we can close above Friday’s high pivot (15857$), We would confirm the upside continuation.
We are now 8.6% above the 50dma. (!!!!)
RUSSELL 2K (RTY_F) Daily
Upside continuation confirmed with a close above 1965$.
S&P500 (ES_F) Daily
PT MARKET MODEL (PTMM) & INTERNALS
PTMM stayed on a full GREEN market signal (🟩)
Price closed UP (+1.39%), but we did not make a new price high.
Breadth was POSITIVE (+439)
U/D volume at 9.90 (solid)
MSCI UPTREND + ABOVE 10dma (new high)
Daily MOMENTUM was STRONG (9)
NNH is at +27 & PTHL is still in an UPTREND
7.59% > 50dma. (extended!) We’re back to Thursday’s extension.
BOTTOMLINE:
After Friday’s reversal, the odds were there for a continuation lower for a few days of consolidation and digestion, but we ripped right back up on good breadth today.
This market is solid, clearly locking late investors out of the rally. We’ll follow that uptrend and re-assess one day at a time when we get our PTMM pullback signal.
Internals
MMTW (Stocks > 20dma - market extension)
We’re back in overbought area.
Below all kma’s and inside support area.
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Downtrend below all kma’s.
10Y Bond Yields (daily)
Right at potential support. DTL & structure retest as we reclaimed the 21dma. Watching for the uptrend to resume.
Possible 1.54 level reclaim.
BTC/USD (Bitcoin)
Possible shakeout today, but we remain below the 21dma. Need to push quickly…
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
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✅ 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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