Alex's daily Market update & Focuslist - 12/07
Expectation breaker, as the market could not follow through on yesterday's reversal.
Good evening!
I hope you’ll like this report!
Here is what you could do to help make them possible and support my work.
Leave a like on this post below.
Share this post on Twitter (X)
Thanks, Alex ✌️
Tonight’s daily report content
PrimeTrading Market Model #PTMM
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
Prime Model spreadsheet (PT_database)
PrimeTrading Market Model #PTMM
PTMM remains on a YELLOW market signal (🟨)
Key Takeaways:
GDB closed at +307, as the market didn’t follow through on yesterday’s reversal.
The market continues to be super strong, and every dip is being bought aggressively.
PTHL is right at 50dma, so I’ll look for the official cross tomorrow if we can get a decent NNH push.
Well, this market is freaking strong, and I probably closed my exposure too soon if the market continues from here. The market remains very extended, and we have an important job report tomorrow morning, so I’ll want to see how we react before jumping back into the market.
MMTW/MMFI remain deeply overbought, MCSI is now showing a very extended run, and VIX + Credit Spreads remain in tight wedging action at pivotal levels. I still feel very comfortable being mostly cash as this is NOT a spot to get aggressive, IMO.
Alex's gameplan:
Knowing the market remains extended & overbought, I will maintain a shorter-term mindset with my trades and trade one position at a time until both trims are hit (2 & 3R)
I’ll ensure SL is in the $$, and I’m pushing EC even if the market reverses hard on me due to overbought conditions.
System Action/Rules:
New LONG exposure allowed
1/2 positions only (10%)
Trimming 1/3 at 2R & 3R
Keeping 1/3 as a runner position
PF exposure max = 50%
New open risk > - 0.50%
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.