Alex's daily Market update & Focuslist - 01/22
Small-caps taking back the lead.
Good evening!
Overall, it was a great day, and It followed through on Friday's strong close. We saw multiple fading actions across the board after a very strong open, but we'll have to see how we react tomorrow because it seems like a normal & healthy pullback by the look of the intraday chart. There's no red flag yet, but we must shrug it off tomorrow.
Small-cap led the large/mega-caps today, confirming the potential rotation as we advance, as these riskier assets might play catch-up in the following days/weeks.
With the ST_momentum indicators coming off the buying opportunity window, I will personally hold on to new buys and look to trim even more into strength as we get into an ST overbought momentum condition with the help of PTMM.
It's time to sit tight and see if this rally materializes into something more meaningful and a continuation breakout for the broader market & the small-caps.
Day by day, level by level.
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 RED market signal (🟥)
Key Takeaways:
We went higher intraday, but with GDB closing at +575...we have a valid breadth thrust day.
MCSI rounding up, but not yet hooked up
Big push in NNH
Price reclaims all kmas.
Breadth thrust daily_momo with a 21.33 ratio
5 & 10-day ratio are now above 1 and coming OFF the buy opportunity window.
MT_momo still negative
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
We followed through into new high today, but after 2 strong day late last week, we didn’t have the strength to really push much higher. Mega & Large caps also weighted on the major indices (NQ/ES) today.
We are still above the 4830$ recent base pivot, and a retest of that pivot of a digestion would only be healthy and constructive.
We’ll have to take it day by day and see if we can retake today’s high pivot for a continuation breakout.
NASDAQ (NQ_F)
RUSSELL 2K (RTY_F)
Small-caps confirmed taking back the lead today, with clear leadership over the mega/large-caps.
To confirm the end of this pullback, I would like to see a HIGHER HIGH, with a 2004$ level breakout tomorrow. If that’s the case, this will be a big clue for a potential continuation of the longer-term uptrend that started in November 2023.
Market Internals
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