Alex's daily Market update & Focuslist report - 11/20
GDB closed at +327, as we confirmed yesterday's reversal continuation breakout.
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The market is definitely strong, as the broad market is catching up to the extended NQ/ES. With NQ/ES breaking out of that entire correction base and with highs within reach, we can't deny the strength of this rally and the potential duration if things continue to act as they do right now.
There will be pullbacks, but we are seeing different price action than we've seen for the past couple of months for sure. Mega-caps lead the way, and now we're seeing the whole market shaping up to follow that strong rally. Will the mega-caps stay strong and continue trending while the broad market participates as well, that's the big question.
Tomorrow AMH is NVDA earnings, and as we saw on their last earnings, might give a considerable catalyst (either side), especially for semiconductors & AI stocks.
I like how RTY is following up on the structure retest & bounce we saw this week and the strength & broadening participation of many beaten-down sectors.
The best here is to continue to play our setups, managing our PF and risk until & the music stops. The market is strong and probably even in a lockout, so waiting for a pullback might be costly and a way to be left behind. I am not saying to load up on margin without cushion...I am speaking to focus on setups and tight management as long as new positions are working and financed by taking profits and raising SL.
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