Alex's daily Market update & Focuslist - 02/21
NVDA earnings ignite the market, let's see if we can confirm a broad market breakout tomorrow.
Good evening!
Well, it can change quickly in the stock market. We saw the broad market resilient today, with some exciting reversals outside of tech sectors, while the tech & growth stocks might have found support at critical levels & km’s today.
NVDA earnings sparked some good buying after-hours, so we’ll have to see if it spreads and, more importantly, if it’s not sold into.
Broad market action pulled me back into the market today with some decent initial traction. We also see constructive action in Breadth & Internals, which makes me think we might be looking at a continuation breakout tomorrow or Friday in non-tech sectors.
I think tech & growth will be ready for my style in 1-2 weeks if this healthy digestion continues. We'll see, but we'll probably have the initial bounce tomorrow on NVDA reaction. Then, I want to see a tight pullback or handle forming higher lows to manage risk and confirm the setup. I am not in a hurry to return to the technology sector & growth in general.
Like usual, I let PTMM & the setups lead my activity, and the traction I get leads to my exposure. Don’t overcomplicate it.
Cheers & have a good trading week!
Alex ✌️
Tonight’s daily report content
PrimeTrading Market Model #PTMM + Takeaways
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
PrimeTrading Market Model #PTMM
The trend remains intact despite another red day. We bounced right at the 21dma today
5-day hooked up from OS area for the 4th time of the year. Each time were a decent buying opportunity (some better than other as we didn't see momentum really pickup in 2024).
MCSI also held the 10dma signal by a hair today. Tomorrow is critical there.
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