Alex's daily Market update & Focuslist - 12/10
Big week with FOMC & CPI/PPI
Good evening!
I hope you’ll like this report!
Here is what you could do to help make them possible and support my work.
Leave a like on this post below.
Share this post on Twitter (X)
Thanks, Alex ✌️
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 +293, seeing strong breadth following through on Tuesday's bounce.
It's great to see follow-through and retesting recent price highs.
PTHL crossed above the 50dma & LT_momo > 1 on Friday.
Only the 50>200dma is missing for PTMM to switch to a FULL GREEN signal.
This market is solid… Last Tuesday/Friday is the action we didn’t see in the last months/years, as with this extension and overbought levels, VIX in the 12.7$ area, Credit Spreads right at the base level, a sharp rejection would have certainly been the start of a pullback. I see this current breadth expansion, and buyers keep showing up here as an evident character change.
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.
Alex's gameplan:
Knowing the market remains extended & overbought, I will maintain a shorter-term mindset with my trades and trade one position at a time until both trims are hit (2 & 3R)
I’ll ensure SL is in the $$, and I’m pushing EC even if the market reverses hard on me due to overbought conditions.
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%
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.