Alex's daily Market update & Focuslist report - 08/29
The market print a FTD, on an impressive BREADTH THRUST - is this the end of the current market correction?
Good evening!
Alex ✌️
PrimeTrading is an equity swing trading community based on DISCORD to learn & trade alongside experienced traders.
✅ See how I execute intraday while I share my trades live.
✅ Alex's daily market commentary, Portfolio updates, trade explanations, and daily FocusList.
✅ Share & Discuss potential trade ideas with an amazing like-minded community
✅ Talk Macro Economy, Cryptocurrencies & much more!
✅ Talk about mental game & psychology to evolve as a trader!
✅ Education & mentoring from Alex & experienced traders. (10 Experienced Traders team)
✅ Q&A meetings & LIVE sessions
Improve as a trader with a risk management first approach while working directly with me intraday.
Alex 🛡️✌️
GENERAL MARKET ANALYSIS
S&P500 (ES_F)
BIG DAY!!
Today, we saw solid & broad action on the channel breakout follow-through. We reclaimed all-important overhead resistance levels discussed, all in the same session…
high_AVWAP
21 + 50dma
4493$ structure levels
We are now back above all kma’s, and things are looking good for putting that four weeks correction behind us.
A retest of the 4493$ & 50dma is possible tomorrow, but if we can find support in that area, we will confirm that breakout.
4551$ will be the next level to watch for potential resistance above.
NASDAQ (NQ_F)
RUSSELL 2K (RTY_F)
PT MARKET MODEL (PTMM)
PTMM is on an LT GREEN market signal (🟩), on PULLBACK (🟥).
Price closed UP (+2.01%) and reclaimed 10/21d and shy of the 50d.
Breadth was UP and powerful (+826) - BREADTH THRUST
U/D volume at 28.70 - thrust
MCSI UPTREND + BELOW 10dma - follow through
Daily MOMENTUM was UP (+26) - THRUST
5 & 10-day both rising - 5-day now POSITIVE
NNH is at +14 - Still Increasing
-0.18% < 50dma.
BOTTOMLINE:
FINALLY, we had our BREADTH THRUST I was looking for to confirm the higher low and potential bottom of that last four weeks’ correction.
Nothing is certain in the stock market, but with that follow-through on +830 Global daily Breadth today, probabilities increased A LOT.
ST-10d momentum is still negative, so PULLBACK is still on. But, if we get a positive day tomorrow, it should pop positive and bring us back on a FULL GREEN market signal.
This is very constructive action folks.
Internals
MMTW (Stocks > 20dma - market extension)
Another strong day, still below 50%…so lot of room to run ST.
MMFI (Stocks > 50dma - market extension)
Good upside move again today.
Follow through on the channel breakdown. Good!
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Channel breakdown - good!
10Y Bond Yields (daily)
We broke the recent uptrend UTL today after a 4.33% high rejection and lower high. This looks good for the start of a downtrend - which would be very good for growth stocks.
We are following through on the structure break today, and sitting at KEY level right now for a meaningful breakdown.
HYG (Higher risk bond yields)
Very good action and that would be an important stage 1 base breakout on the weekly here. That kind of breakout here tells me that we might see a broad market participation uptrend into year-end. Excellent news, IMO.
BTC/USD (Bitcoin)
It's a big low base breakout. We are still within that larger pattern, but that’s a constructive push from the lows.
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
Make sure to subscribe and support my work if you’re interested!
✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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.