Alex's daily Market update & Focuslist report - 11/21
GDB closed at -395, as we failed to follow through and rejected the new high attempt while NVDA earnings showed mixed action after-market hours.
Good evening!
THE MARKET IS CLOSED ON THURSDAY FOR THANKSGIVING AND EARLY CLOSE AT 13:00 ON FRIDAY.
THE NEXT DAILY REPORT WILL BE SENT ONLY SUNDAY NIGHT FOR NEXT WEEK.
HAPPY THANKSGIVING!!!
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The broad market showed a reversal, and a bearish engulfing today as selling came back in the market. The major indices, NQ/ES, rejected their base level and negated yesterday's breakout attempt as we couldn't follow through.
Tonight was NVDA earnings, and the price action post-announcement was mixed despite reporting solid numbers. We'll have to see tomorrow if this strong catalyst will bring more selling and confirm the base-level rejection or if the market shrugs off that news and we reclaim today's high.
With the current extension condition level and how MMTW/MMFI, VIX, and DXY look, I lean to protect my recent progress and raise my stop losses in case the most awaited pullback starts with today's reversal & NVDA catalyst. Make sure to pay yourself and to make a new Equity Curve higher low on this cycle.
Also, on Thursday, the market will be closed for Thanksgiving, and Friday is an early close at 13:00. So we could expect good volume tomorrow morning, but following that, we might see some dry & low-volume action for the rest of the week. It's not a time to be super aggressive, as traction might be hard.
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