Alex's daily Market update & Focuslist - 05/02
Get ready for Sir Jerome Powell - FOMC time!
Good night guys!
I hope you’ll get a good night's rest because tomorrow should be intense with this awaited FOMC & rate decision. LG!
Alex ✌️
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GENERAL MARKET ANALYSIS
NASDAQ (NQ_F) Daily
Price Action Analysis:
NQ was rejected at the range top area, came down to retest, and bounced off the 10dma. After last week’s thrust, we made a higher low, and things look healthy to me, indices-wise (led by mega-caps, remember?).
It could set up the PB needed to really breakout higher. But it can also be a first crack into tomorrow's FOMC reaction, so it will all come down to tomorrow at 14:00.
The next potential resistance area will be around 13311$ as we attempt to breakout of the range area again.
It would be OK if we came back inside the range, but I would like to see the 10/21c & 10082$ level hold on a PB. (still true)
RUSSELL 2K growth (IWO) Daily
Price Action Analysis:
IWO was rejected yesterday at kma’s and followed through decisively today. We lost more than 2%, as we retested the 219.38$ level & UTL.
If we break down from here, I think we are looking at a potential sustained move down. The weekly chart shows it pretty clearly.
If we can reclaim the 224.45$ on a strong FOMC reaction, then we’re back on track.
Breadth:
Breadth cracked again today, showing heavy distribution.
IWSI (MCSI) back down and remain below 10dma.
IWHL back down as well
Highest recent NNL reading
LT momentum below 1 & ST approaching fast
Bottom line: Today was an actual distribution day like we saw last Tuesday. This is not the type of action I want to see to play the long side.
S&P500 (ES_F) Daily
RUSSELL 2K (RTY_F) Daily
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Market Breadth & Internals
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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