Alex's daily Market update & Focuslist - 05/01
The market taking a pause before FOMC.
Good night guys!
I hope you’ll enjoy tonight’s edition. It’s pretty much a wait & see situation before FOMC, as you’ll see!
Alex ✌️
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GENERAL MARKET ANALYSIS
NASDAQ (NQ_F) Daily
Price Action Analysis:
NQ could not follow through on Friday’s breakout, and we closed back in the range below 13311$ level.
We are still above all kma’s, and we’ll probably need to wait until after FOMC on Wednesday for the direction confirmation.
The next potential resistance area will be around 13583$, a 1.91% move higher.
It would be OK if we came back inside the range, but I would like to see the 10/21c & 10082$ level hold on a PB.
RUSSELL 2K growth (IWO) Daily
Price Action Analysis:
IWO tried to breakout above the 224.45$, 10/21c, and 72/89c today early in the session, only to get rejected and close barely above 224.45$.
We remain below most kma’s and right into overhead resistance. We must be cautious right here, as a rollover scenario is possible. We need a clear breakout above these levels with a good breadth thrust to confirm an upside move.
Breadth:
IWSI (MCSI) turned up
IWHL turned up
After the open good breadth, we faded all day to close barely positive
25%+/1M ratio > 1 but not 3M (early signs of momentum)
4% movers daily ratio at 2.5 for a 3rd consecutive high reading.
Bottom line: We remain in a mixed-breadth market, lacking follow-through & momentum.
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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