Alex's daily Market update & Focuslist report - 11/29
Market did breakout, but faded back as what might looks like an exhaustion move. DEFENSE
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Tonight’s daily report content
PrimeTrading Market Model #PTMM
General Market Analysis: NASDAQ - S&P 500 - RUSSEL 2K - OTHERS, including my daily levels & my bullish and bearish scenarios
Market 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)
PrimeTrading Market Model #PTMM
PTMM remains on a YELLOW market signal (🟨)
Key Takeaways:
GDB opened at > +1200 but faded all day to close around +300.
Price did breakout recent consolidation & still above all kma’s despite the squat
Extreme MT_momo reading of > 100. This type of reading often occurs at market exhaustion or key reversals.
NNH new high (+41)
As discussed last night, the market was setting up very well, with many sectors looking for potential breakout, along RTY & PTMM being squeezed in that wedge. We saw the move happen this morning at the open, but the fade & squat we saw overall is of concern to me.
Considering that the market is extended & overbought (MMFI/MMTW), I am very cautious with today’s action as it could have been an exhaustion failed move that COULD start the awaited pullback. For that reason, I decided to manage my risk and protect my profits.
I have no clue what will happen, but the odds shifted today with that action. I’ll want to see more tomorrow if yes or no today’s reversal will be the start of a pullback. One thing is certain, R:R for new longs is not there anymore…DEFENSE.
System Action/Rules:
New LONG exposure allowed
1/2 positions only (10%)
Trimming 1/3 at 2R & 3R
Keeping 1/3 as a runner position
PF exposure max = 50%
New open risk > - 0.50%
Alex's gameplan:
I decided to secure a lot of profits today at open & EOD into strength. My focus will shift to defense, as I want to see how this rejection unfolds before doing anything.
By scanning 100’s charts, all I see is either past buying points or short setups... another reason to hold
I am not planning any new trades tomorrow.
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