Alex's daily Market update & Focuslist - 01/02
Pullback is here, but we still see rotation and strength in other non-tech sectors
Enjoy tonight’s report!
Alex ✌️
Tonight’s daily report content
PrimeTrading Market Model #PTMM + Takeaways
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 + Takeaways
PTMM is on a GREEN market signal (🟩)
Key Takeaways:
Follow through on last Friday’s distribution. GDB at -270 showing decent, but not extreme selling
Strong negative momo
Still above all, kma's
MCSI rounding down after today's distribution
NNHL is almost flat now
Momentum indicators:
5d_momo coming off OB area
10d_momo still > 1, but could be < 1 tomorrow if another good selling day
MT_momo remains very OB, but there has been a good drop in the last 4 days.
Still overbought and room to the downside before a meaningful buying opportunity. We are getting there.
It seems like the pullback is here. Now the big question is how long & far we’ll go. We see some healthy rotation under the hood, so we might see the market still advancing or consolidating while overall breadth remains low.
If MCSI & PTHL turn on a downtrend tomorrow, I will look to go on the sidelines and wait for a deeper pullback instead of chopping myself out in a bad market. That’s the reason for creating PTMM, staying out of bad or choppy markets.
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.