Alex's daily Market update & Focuslist report - 07/30
Strong breadth thrust on Friday after Thursday's shakeout.
PLEASE NOTE:
From August 13 to 18, there will be no daily reports as I will be on vacation without internet access.
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
NASDAQ (NQ_F) Weekly
Price Action Analysis:
NQ is still in a solid uptrend after a 15475$ base retest & bounce last week. I’ll be watching 16062$ for a continuation breakout to a new high.
On the downside, I want to see that 15475$ base area & 10wma hold on the weekly.
RUSSELL 2K (RTY_F) Daily
RTY is still in a solid uptrend and building below the 2007$ recent high. A couple of consolidations above the 1929$ level and 10wma would only be healthy before a breakout to a new high.
I’ll look at the 2007$ level for a continuation breakout to a new high.
S&P500 (ES_F) Daily
4609$ for upside continuation.
4493$ & 10wma for potential support.
PT MARKET MODEL (PTMM) & INTERNALS
PTMM on a FULL GREEN market signal (🟩)
Price closed UP (+1.83%), and we closed above ALL kma’s after a 10dma shakeout.
Breadth was UP and showing breadth thrust characteristics after Thursday's shakeout. (+516)
U/D volume at 7.68 (strong!)
MSCI UPTREND + ABOVE 10dma
Daily MOMENTUM was UP & strong (8.4) - 5 & 10-day ratio back above one after Thursday’s shakeout.
NNH at +34 (+5.1%) & PTHL is back in an uptrend and a new high.
5.72% > 50dma. (kma's catching up, but still extended)
BOTTOMLINE:
Friday, we saw an impressive bounce & breadth thrust after last Thursday’s shakeout.
This is the kind of action we see in a robust market, out of a bear market. Thursday’s shakeout could be what was needed to fuel another move higher. One thing is sure; we have to follow that power trend until we get an indication that a real pullback is underway. Until then, the 10 & 21dma are acting as excellent support.
Remember that we can stay overbought longer than a short seller can remain solvent. We follow price, and the uptrend is strong right now, and dips are being bought aggressively.
Focus on your stocks until things change.
Internals
MMTW (Stocks > 20dma - ST market extension)
Still pulling back from the overbought area, and still elevated.
MMFI (Stocks > 50dma - MT market extension)
Still grinding higher in the overbought area.
Still below all kma’s, but holding that 13-ish area that we can’t seems to break.
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Still below all kma’s.
10Y Bond Yields (daily)
Bounced from the 10wma as we followed-through on the DTL retest from the previous week as well. I will look at the 4.089% level breakout for an upside continuation.
New low, again. Very positive.
BTC/USD (Bitcoin)
We are sitting at the 10wma and approaching the 28478$ structure as potential support.
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 & weekly Focuslist (POSITION+SWING), including setups, alert levels & explanation
✅ 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.