Alex's daily Market update & Focuslist report - 11/28
Market is still consolidating, while we see more & more decoupling under the hood.
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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 closed at +205, as selling days get weaker and weaker recently, and immediately followed by positive action.
Price +0.55% - 21dma > 50dma = LT_trend green
9% up day - flat
NNH back down, but still stable
PTHL > 21dma
MCSI still in strong uptrend
We saw the market being rejected at key base level & pivots today, but again selling was met by strong buying as the market & indices refused to break and pullback deeper. We see PTMM negative days being weaker & weaker (GDB = -460, -395, -187) and being met by immediate buying the following day. This created that rising wedge & grinding up action with a new high today.
The bottom line, this market is incredibly strong and keeps grinding higher while we wait to see if we'll see this rally broaden out (RTY breakout would give a big clue), or if we'll start that most anticipated pullback.
I like how we digest that mid-Nov +5% thrust is truly amazing on RTY. Tight wedge with higher lows right above kma's.
Solar setting up
IPO setting up
XBI setting up, and that would be big for breadth expansion
KRE setting up, the financial sector is a big one as well, especially in IWM The only one still at risk is
XLE, but it is still building higher lows into that declining 21dma.
I have no clue what will happen, but I like the odds and the feedback I'm getting!
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:
If my positions are making new highs, I can raise some stop loss and decrease my open heat, which is beginning to be a bit high for my taste. If I can decrease it by 1-2%, I would be more comfortable to open additional long exposure.
I still want to be very tactical and keep NOR below -0.5% if I take a new position.
IF POSITIONS & PF are working, I continue to play setup by setup.
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