Alex's daily Market update & Focuslist - 05/16
The market was not able to follow through and back right out of the gate again
Good evening guys,
Disappointing day after yesterday’s positive action… Not that we are not used to this type of action lately. Once again, we go back to defense and wait for this bipolar market to give us the green signal!
Alex ✌️
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GENERAL MARKET ANALYSIS
NASDAQ (NQ_F) Daily
Price Action Analysis:
NQ made a new high today as the mega-caps were still pushing the index higher without broad market participation. The divergence continues.
We remain in an uptrend, above all kma’s.
13583$ in the next potential resistance level I’ll watch. On the downside, we want to see that 10/21c and base area holding for this uptrend to remain.
RUSSELL 2K growth (IWO) Daily
Price Action Analysis:
IWO gapped below all kma's right into the recent range area and was never able to bounce, which is not ideal.
Tomorrow will be very important for IWO as we'll have to bounce or break down.
Which side will it be…? Only time and price will tell. We’ll have to see if we break above 228.49$ or below 219.38$ for the direction confirmation.
S&P500 (ES_F) Daily
Price Action Analysis:
ES is right at the ST to range bottom level today and below the 10/21c. CRITICAL AREA right now.
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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