Alex's daily Market update & Focuslist report - 09/10
Pullback continues for the 4th day, going into CPI week
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Alex ✌️
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
ES/ pullback continues but showed constructive action off the 21dma & swingL_AVWAP last Friday.
We remain BELOW the three important levels I highlighted last week, and until we reclaim those, we remain in pullback:
50dma
4534$
Current pullback swingH_AVWAP
Volume was also above average.
We were able to “stabilize” on Friday, but we’ll have to monitor closely how we react to a retest of the resistance levels above. If we rally into those, do we reject or reclaim…that will be the next hint for me.
NASDAQ (NQ_F)
RUSSELL 2K (RTY_F)
PT MARKET MODEL (PTMM)
Price closed DOWN (-0.21%)
Breadth was DOWN (-59) - flat
U/D volume at 0.34 - weak
MCSI UPTREND + ABOVE 10dma - continue to round down
Daily MOMENTUM was DOWN (0.72) - no momo for the last four days
5 & 10-day downtrend and 10-day back to positive
NNL is at -8 - improved
-0.77% > 50dma.
BOTTOMLINE:
We continue to see a deterioration of most indicators, with MCSI rounding down, PTHL continuing its downtrend, and LT_momo going negative.
PTMM is at a RED market signal (🟥)
No new LONG exposure
Protect b/e
Internals
MMTW (Stocks > 20dma - market extension)
Pullback continues, now at 35%
MMFI (Stocks > 50dma - market extension)
Pullback continues, now at 31%
We broke down from the pullback channel today, which I consider constructive…
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Follow through on UTL rejection - good.
10Y Bond Yields (daily)
10Y still, above all kma’s, and finding support after the recent historical area rejection. Not good.
Below all kma’s, but possible HL.
BTC/USD (Bitcoin)
We came back in the base level & range last Friday, back in no man’s land.
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
Make sure to subscribe and support my work if you’re interested!
✅ 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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