Alex's daily Market update & Focuslist - 03/10
Weekly report edition!
Good evening!
Today’s daily report is a zoomed-out edition with weekly charts for all market and sector analyses. I also built the focuslist with weeklies, which will remain valid for all this week instead of populating it each night like I was doing before.
It helps to keep things in perspective and see how early and constructive we still are despite daily and intraday noise.
Please let me know if you liked this Sunday night's longer-term view edition, which used weeklies instead of daily charts.
Thanks for the feedback!
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
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 broad market trend remains in a confirmed uptrend, but as the momentum & breadth, the last few weeks/months sideways or even downtrend action might actually show a pretty strong divergence that will be a real caution sign, on top of mixed & bad feedback in new trades. Divergences:
5 & 10-day ratio showing ST momentum is flat and below four since the start of 2024. This shows that downside momentum was equally strong and sustained even if upside momentum was good at times.
After an initial rally since the start of 2024, the MT_momentum has shown a sideway action in the last few weeks, showing a lack of progress & traction in solid names.
The same is true for the LT_momentum, which shows a downtrend 3M breadth, which diverges from the constant price new high and solid trend of the last few weeks.
We can also see NNH & upside momentum weakening in the last few days, which is not what I want to know as we broke to ATH. The trend & market remain in a confirmed uptrend. Still, with the potential semis & technology sector’s exhaustion move last Friday, there are many reasons to be careful & be on defense. If divergences are a consolidation period like initially thought, I'll be the first to follow price action and get aggressive. One day at a time!
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