Alex's daily Market update & Focuslist report - 09/06
Pullback continues, as we slice through key support area
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Alex ✌️
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
ES/ pullback continues, as we reacted negatively to the 10:00 ISM report.
We are now BELOW the three important levels I highlighted last night:
50dma
4493$
Current rally low_AVWAP
Volume was also above average.
We saw a decent bounce late this afternoon, so we’ll need to see if we can follow through on the build on that tomorrow. If we do, I’ll look at a reclaim of the levels above as being very constructive.
NASDAQ (NQ_F)
RUSSELL 2K (RTY_F)
PT MARKET MODEL (PTMM)
PTMM is back at a FULL LT GREEN market signal (🟩)
Price closed DOWN (-0.58%)
Breadth was DOWN (-167) - Held well
U/D volume at 0.28 - weak
MCSI UPTREND + ABOVE 10dma - Still all good
Daily MOMENTUM was DOWN (0.50) - weak
5 & 10-day downtrend and 5-day turned negative
NNL is at -8 - we flipped NNL today
-0.14% > 50dma.
BOTTOMLINE:
The pullback continues, and we see the market holding well despite the current pullback. A -167 global reading is negative but still an indication that we don’t have distribution action under the hood.
The next few days will determine if we see a pullback after the recent correction or if the market just made a lower high and we’re seeing a rollover happening.
If we can’t bounce tomorrow, we’ll need to get on the defensive, as PTMM will most likely switch to a RED signal.
Internals
MMTW (Stocks > 20dma - market extension)
Pullback continues, now at 37%
MMFI (Stocks > 50dma - market extension)
Pullback continues, now at 34%
We saw a strong push on VIX intraday, but we got rejected into the previous structure and closed near the lows. Tomorrow will be important to see if we follow through.
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Yesterday’s bounce follow-through. Need to be watched.
10Y Bond Yields (daily)
We are retesting the previous swing high area. This is an important spot for rejection or breakout.
Rejected at recent DTL - this is good.
BTC/USD (Bitcoin)
Back at the base level range area. No man’s land.
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
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✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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