Good evening folks, here’s another daily Market Update & Focuslist!
General market Review that includes my Bullish & Bearish scenarios
Market Breadth
Economic Calendar
Sectors Review
Leaders list
My own Portfolio update
My own daily Focuslist including setups, alert levels & explanation
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MARKET REVIEW
Russel 2K (RTY) Daily:
Russel 2K (RTY) Intraday:
That was a crazy yet VERY interesting day. RTY was really waiting on both Initial Jobless claims & ISM release this morning to pick a side. Once we got these news, the market sold off right at the 1800$ level I was watching in the last few days as a potential support area.
The market really rallied hard from that point in the afternoon and we closed near the open (NQ & SPX closed green), creating a nice hammer bar and today really felt like a capitulation to me.
The market was in oversold territory (still is), so we’ll have to see if tomorrow we can follow through on that EOD strength or not.
Also, keep an eye on the non-farm payroll tomorrow morning at 8:30 as this should have an impact on the market once again.
One day is not a trend folks!!
What are the levels I’m watching on RUSSEL tomorrow?
On the upside (bullish scenario)
IF - We get a reclaim of the 1846$ pivot and a close above the 5dma.
THEN - Increase long exposure by respecting our progressive exposure rules and using entry pivot from the FL.
On the downside (bearish scenario)
IF - We hold the 1800$ area that we tested and rejected today
THEN - Close all long exposure and stay on the sideline as the market is already in oversold conditions. No time to go short either.
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