Alex's daily Market update & Focuslist - 12/03
GDB closed at +1539 on a POWERFUL breadth thrust in the broad market.
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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
Prime Model spreadsheet (PT_database)
PrimeTrading Market Model #PTMM
PTMM remains on a YELLOW market signal (🟨)
Key Takeaways:
GDB closed at +1539 on a POWERFUL breadth thrust in the broad market.
NNH at a new high and keeps broadening
Daily, 5 & 10-day ratio in EXTREME territory…
LT_momo just about to go positive
We’re missing the PTHL> 50dma & 50 > 200dma to go GREEN signal
The market broke out on another extreme breadth thrust way on Friday. The action & power were similar to Nov. 14th, the initial correction breakout on RTY/PTMM, etc. Friday’s breakout could be seen as the continuation of that initial move.
ST & MT_momo are now showing extreme readings, typically seen at ST exhaustion move before some consolidation/pullback. I will not try to anticipate anything, especially with this move happening as a continuation breakout and not while the price is extended. But, it is crucial to keep in mind as we manage our exposure and open risk, also knowing how stretched MMTW/MMFI are.
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%
Alex's gameplan:
The market seems to have made a continuation breakout on Friday, which might initiate an ST blow-off move based on the abundance of setups and how many individual names defended & bounced at key base levels & pivots on Friday.
I still have two positions not de-risked, so I will wait for PLTR & UPWK to hit their 2R targets before engaging in a new position.
I don’t want to keep my Open Heat in check, so I’ll be tactical in raising SL as we make a new higher high.
That’s how a lockout has to be played…controlling TOR very carefully, one position at a time.
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