Alex's DAILY Market update & Focuslist - 04/11
Mega-caps & tech sector bounces - Can the rest of the market follow?
Good evening!
Enjoy tonight’s DAILY edition.
Alex ✌️
Tonight’s 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
Well, there is the oversold 5-day momentum ratio hook-up bounce. Now will this time have follow-through, or we'll remain in that choppy area of the last few weeks, only time will tell. But I like to see NVDA & the technology sector taking back the lead here.
Overall, the broad market didn't show the same strength today, with GDB at +266. We'll have to see if this bounce in NQ & MC spread into the broader market tomorrow or not.
One day at a time, but with upside momentum now showing a retracement to 6% on the 50d average, we are certainly approaching either a reaction bounce, or the end of that digestion... Like mentioned last night, now that bounce reaction and how we manage that first natural reaction will be a BIG TELL to confirm either of those scenarios.
Today gave the chance to build cushion, let's see if it holds.
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