Alex's daily Market update & Focuslist - 05/03
The FED stays the course and hike another 0.25%. The market is rather mixed after the news and press conference.
Good night guys!
FOMC is behind us, and we did not have the positive catalyst we sought. The actual move usually happens the following, so let’s be patient.
Alex ✌️
PrimeTrading is an equity swing trading community based on DISCORD to learn & trade alongside experienced traders.
✅ See how I execute intraday while I share my trades live.
✅ Alex's daily market commentary, Portfolio updates, trade explanations, and daily FocusList.
✅ Share & Discuss potential trade ideas with an amazing like-minded community
✅ Talk Macro Economy, Cryptocurrencies & much more!
✅ Talk about mental game & psychology to evolve as a trader!
✅ Education & mentoring from Alex & experienced traders.
✅ Q&A meetings & LIVE sessions
Improve as a trader with a risk management first approach while working directly with me intraday.
Alex 🛡️✌️
GENERAL MARKET ANALYSIS
NASDAQ (NQ_F) Daily
Price Action Analysis:
NQ could not reclaim the 13311$ level as we tried to breakout following the interest rate decision. The market and breadth cracked during the press conference (classic;)) and we rejected the base top area to close right in the 10/21c.
On the futures, we seem to find some support at the 13082$ level and 21dma. We’ll have to see if it holds tomorrow.
This is not a great rejection, and we’ll have to be careful if we see the market following through tomorrow and breaking below the 21dma and 13082$ level.
The next potential resistance area will be around 13311$ as we attempt to breakout of the range area again.
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. (still valid - and we’re here right now. Make or break)
RUSSELL 2K growth (IWO) Daily
Price Action Analysis:
IWO rallied strongly after the rate decision, and we retested the April 25th gap, which we rejected once again. We closed below all kma’s.
We are still in that 219.38$/224.45$ range, and I will look at a break from either side for further direction confirmation.
Breadth:
Negative daily breadth
We were in line to get a breadth thrust (U/D vol >5 & ST momentum ratio >5), but faded EOD.
NNL & 5% up day on 1.61 U/D volume.
ST & LT momentum 🟥
MCSI is down and still < 10dma 🟥
Bottom line: Breadth remains weak and not a high proper swing trading environment.
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)
Keep reading with a 7-day free trial
Subscribe to PrimeTrading to keep reading this post and get 7 days of free access to the full post archives.