Good evening folks!
We have another very important week ahead of us, let’s see if we can follow through on last week's rally.
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Alex ✌️
GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Today, we found resistance at the 4016$ level and were not able to hold 3977$ level on a very weak market close. After a 9.5% move in 2 days, this was to be expected as I pointed out last night. The good thing was that the volume was pretty low today, so not a red flag, only a healthy pullback for now.
Since the Oct. 13th low, we now have a HIGHER LOW (HL) and now a new HIGHER HIGH (HH), confirming a new uptrend based on market structure.
Tomorrow, we have core PPI news at 8:30 that could certainly move the market. I expect more weaknesses tomorrow as we’ve not been able to hold that 3977$. A possible 2-5 days consolidation would only be constructive at this point. A pullback to the 3903$ level or the 10dma on low volume might be possible.
As usual, we’ll follow price action and let the market and individual names pull us in this market.
Don’t be bearish at the first red day we’ll get, the trend is up for now and until we see a clear red flag, I will treat a pullback as being healthy.
NASDAQ (NQ_F) Daily
RUSSELL 2K (RTY_F) Daily
In the following sections of tonight’s letter, I’ll cover very important parts of my daily routine & preparation for tomorrow’s trading session.
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