Alex's daily Market update & Focuslist - 12/11
We continue to see sustained buying pressure for the 3rd consecutive day, while we're waiting for CPI & FOMC.
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Tonight’s daily report content
PrimeTrading Market Model #PTMM
General Market Analysis: NASDAQ - S&P 500 - RUSSEL 2K - OTHERS, including my daily levels & my bullish and bearish scenarios
Market Internals
Sectors & Themes Analysis
Daily Focuslist including setups, alert levels & explanation (long & short)
Leaders list + Scans (technicals, fundamentals & potential TMLs)
My Portfolio Update
Economic Calendar
PrimeTrading Market Model #PTMM
PTMM remains on a YELLOW market signal (🟨)
Key Takeaways:
GDB closed at +240, as we continue to see sustained buying pressure for the 3rd consecutive day.
New price high
PTHL confirms the 50dma reclaim with today’s follow-through
Only the 50>200dma is missing for PTMM to switch to a FULL GREEN signal. (tomorrow, if good CPI reaction)
The strength of this market continues, and tomorrow, we’re getting into the crunchy part of this week, with the CPI inflation report pre-market at 8:30. These reports are certainly not as impactful as last year. Still, we never know how the market could react to a surprise reading.
Then, Wednesday is interest rate + FOMC, another key event. We’ve seen in the past some weird and slow action on the Tuesday preceding FOMC, so if we start the day with choppy & volatile action tomorrow, be careful to chop yourself trying to catch a trend that might never happen.
I remain aware & cautious about this extended and overbought condition, but as setups keep showing up, VIX & CS breaking their last year’s base levels, and new highs are made in leading sectors & themes, we have to follow price action by keeping risk tight at PF level.
System Action/Rules:
New LONG exposure allowed
1/2 positions only (10%)
Trimming 1/3 at 2R & 3R
Keeping 1/3 as a runner position
PF exposure max = 50%
New open risk > - 0.50%
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