Alex's daily Market update & Focuslist - 01/17
Market under pressure, as expect. Now the real test begins!
GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Price Action Analysis:
ES_F opened weak like the last two days but could not close strong and green today. We tried to breakout of the 4016$ level at the open but failed this breakout right away. We were then never able to reclaim 4016$ level and rejected it from underneath several times intraday.
We also broke that last two days’ UTL (formed by the swing lows) at the futures open after-hours. So that might indicate further pressure down tomorrow.
As we were expecting and discussed last night, this market was due for a pullback or at least some pause to digest the recent gains and breadth excess. That’s what we had today, and we might also see it in the next sessions.
One thing is certain, after the last two weeks’ very strong indices & breadth action, the next pullback will give a lot of information on the health of this rally. We’ll make sure to analyze it very closely as it happens.
On the upside,
4016$ & 4082$ (1.5% above) are the two levels I’ll be looking closely at on the upside.
We also have the very important 200dma that will be around 4018$ tomorrow, so one to watch as well.
On the downside,
I want to see the 3964$ level to hold now on a retest. The 50dma is also a significant level to watch on the downside.
NASDAQ (NQ_F) Daily
RUSSELL 2K (RTY_F) Daily
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Market Breadth & Internals
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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