Alex's DAILY Market update & Focuslist - 03/26
The recent trades feedback, breadth, and internals are getting me on defensive.
Good evening!
Enjoy tonight’s daily edition.
GET 20% OFF YOUR FIRST 12 MONTHS BY USING THE LINK BELOW (new subscribers)
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
Focuslist including setups, alert levels & explanation (long & short)
Leaders list + Scans (technicals, fundamentals & potential TMLs)
My Portfolio Update
Economic Calendar
PrimeTrading Market Model #PTMM
Today was almost a copy/paste from yesterday, as we saw a solid opening, then faded all day, and the selling intensified at the close. That's not the action I like to see.
Everything from price to breadth to momentum followed through on yesterday's hook down, and we now see a down MCSI and NNH being close to flat again.
Breadth is contracting, and recent weeks have shown real choppy action as upside momentum can't come back in the market, as shown by the 5- and 10-day ratios moving around flat readings.
Buying is matched by equaled Selling.
Until we see real momentum come back in, I think we should be defensive, even if the trend remains above all kma's. The market looks tired.
I will be the first to increase back exposure, but unless I get real traction in new positions, I will remain more defensive and lower in long exposure.
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.