Alex's daily Market update & Focuslist - 12/13
Another impressive & strong breadth thrust as a FOMC reaction. This thrust brings the most awaited PTMM GREEN SIGNAL. Yeah!
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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 switched on a GREEN market signal (🟩)
Key Takeaways:
GDB closed at +1528…which is another impressive & strong breadth thrust as a FOMC reaction. This thrust brings the most awaited GREEN SIGNAL. Yeah!
BREADTH THRUST
Extreme reading everywhere today. U/D volume, A/D, new NNH high, new MT & LT_momo high.
Strong daily momo at 88.
MCSI & PTHL are going vertical after an extended run.
What an FOMC reaction!
The market was already extended, but the market switching in 2nd gear as we heard a pretty dovish Jerome Powell today at FOMC.
With that move, the PTMM model is now on a GREEN signal. That said, it’s the first time I've seen that happen straight from the lows without any pullback…so I’m certainly a bit cautious even if we get that signal today.
Switching on that green signal does not mean going pedal to the metal…it means that we are entering a POTENTIAL longer trending period.
See the chart below for the 50>200sma signal (golden cross) from 2000 that I use as my LT_trend template.
I remain aware & cautious about this extended and overbought condition (MMFI/MMTW/MT_momo/MCSI, etc.), but as setups keep showing up, VIX & CS are breaking their last year’s base levels. New highs are made in leading sectors & themes; we have to follow price action & setups by keeping risk tight at the PF level.
One position at a time.
System Action/Rules:
LONG exposure allowed
FULL positions (20%)
Trimming 1/3 at 2R & 3R
Keeping 1/3 as a runner position
PF exposure max = 100% or margin
New open risk (NOR) > - 1%
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