Alex's daily Market update & Focuslist (paid)

Alex's daily Market update & Focuslist - 04/12

The market rejected the initial CPI reaction and closed very weak - wait & see

Alex

Apr 13, 2023

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GENERAL MARKET ANALYSIS

NASDAQ (NQ_F) Daily

Price Action Analysis:

NQ initially had a good reaction to the CPI report but quickly faded the move. We found some support by the end of the morning, but we reacted badly to the FOMC minutes at 14:00 and close near the lows at the 12949$ base area.

That failed breakout and large tail on above-average volume is not looking good and a warning sign going into tomorrow.

NQ_F is now below the 10dma but still above the base area & 21dma.

On the upside (bullish scenario),

The 13331$ previous swing high pivot will be the level to watch to confirm an upside continuation.

On the downside (bearish scenario),

12949$ level & 21dma has to hold.

S&P500 (ES_F) Daily

RUSSELL 2K (RTY_F) Daily

LIQUID LEADERS (PRICE ACTION ANALYSIS)

The mega-caps are still under pressure today, and some look seriously into troubles going into tomorrow. These will be important to follow. Do we see a rotation out of mega-caps into small/mid-cap, or does the mega-cap’s weakness bring the whole market with them?

MSFT -Daily

One of the few still acting OK at the 10dma. We are still holding well that 283.33$ base level.

AAPL -Daily

We followed through on the 162.14$ base level rejection (sBORS) and broke the UTL. We are still above the 21dma, but if we lose it tomorrow, a 157$ support area is possible.

NVDA - Daily

Bear flag into the 275.89$ level broke on the downside today on increased volume. We are right at the 21dma & 263.99$ level. We have to hold these, or a deeper PB is possible.