Alex's daily Market update & Focuslist - 02/13
The broad mark
Good evening!
See the PTMM section for tonight’s thoughts.
Good read & HAGN!
Alex ✌️
Tonight’s daily 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
Daily 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...where to begin 😉
Today, the market got spooked by a hotter-than-expect CPI print, and even if we were already extended, it clearly was an expectation breaker as this data was not priced in based on the price action.
Now, where will we go from here? Back to new high in 1-3 days, A couple days pullback, a multi-weeks consolidation, A correction.... I have NO CLUE. All I know is this: we were LT extended, and today's price action is a serious red flag, and we have to RESPECT that distribution day on high volume after a false breakout.
Before the decent close (short covering or buying?), it was the LOWEST PTMM reading on record since April 2023. It closed at -770 but was -850 15m before closing.
MCSI hooked back down and rejected at 10dma again.
PTHL flat and about to see NNL for the first time since November if more sellers come in tomorrow.
So far, the price shows a false breakout after making ATH yesterday. Closed below 21dma.
ST/MT/LT momentum are all hooked down. LT_momo is still very extended.
I am in a wait-and-see situation, where I want to see how we'll react to today's selloff & false breakout. I want to remain cautious but open-minded, as I'll let myself be guided by price action & PTMM.
Defense first takes all it's meaning here 😉
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