Alex's daily Market update & Focuslist - 05/23
Possible pullback underway
Good evening guys,
I hope you stayed safe today. There were some bad moves!
Alex ✌️
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GENERAL MARKET ANALYSIS
NASDAQ (NQ_F) Daily
Price Action Analysis:
NQ tried to make a new high but got rejected at 13960$ and undercut yesterday’s low pivot on higher than average and increasing volume (distribution day). We also closed below the 5dma and right at the 13729$ structure level.
So after seeing NQ being pretty ST extended, it seems the PB is finally underway. Day #1 and still above 10/21c.
I’ll be looking to see if we can hold the 10dma tomorrow or the 13583$ or 21dma if we pull back further down.
We remain in an uptrend, above all kma’s.
RUSSELL 2K growth (IWO) Daily
Price Action Analysis:
The long BORS setup is invalidated for now with today’s action on IWO. We tried to reclaim 230.64$ recent swing high and came back in the range area below 228.49$. If we can’t bounce again from that area tomorrow, a retest of the 10/21c is very likely.
S&P500 (ES_F) Daily
Price Action Analysis:
Significant 4200$ level rejection today on increasing volume and right at the 21dma. This is not the move we wanted to see on such an important breakout.
I’ll be looking closely at how we react tomorrow, but this is certainly a big red flag.
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
✅ PrimeTrading UniverseList BREADTH
✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Market Breadth & Internals
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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