Alex's daily Market update & Focuslist - 02/01
Buyers stepped in hard to defend the uptrend
Good evening!
We shrugged off the FOMC reaction, and buyers stepped in hard to defend key moving averages and levels. That was some shenanigans!!
What looked like a market about to break…now looks excellent and ready to shoot higher. When I said to keep an open mind and stay flexible, especially with the FOMC reaction, that’s precisely the possibility I had in mind.
We have good META & AMZN earnings reaction (AAPL, not so much), and we also have important job data reports tomorrow morning.
I like how the market reacted to the FOMC dump, and I added some exposure today, but I’ll want to see how we react tomorrow at open before pushing it.
We still have some red flags in the VIX & Credit Spreads, but if we could follow through on today’s reversal, it would also be ideal.
Overall, the uptrend is still intact, and we have a TON of long setups tonight. I look forward to seeing the action tomorrow and getting back in more aggressively if the action allows me.
One day at a time.
HAGN!
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
The broad market bounced from the 21dma and saved the trend break today. That was a key spot, and seeing this action is very constructive. We are not out of the woods, but it's a first step.
Price reclaimed all kma's and the uptrend is still intact
ST/MT_momo hooked back up...
MCSI flat
We'll have to see the job reports reaction tomorrow, but if we can reclaim yesterday's high, we could really resume the larger uptrend and see good momentum coming back into this market.
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
What a fakeout on FOMC…! haha
We retested the 21dma & range pivot, before shooting right back up to make a new high here following mega-caps earnings.
We’ll want to see a follow through ideally tomorrow on job data.
It’s good to see the trend being respected and buyers stepping in. The trend & market is strong…
NASDAQ (NQ_F)
Lagging a bit, but NQ bounce from the 21dma and back in the range within new high reach.
17793$ is the level to watch tomorrow.
RUSSELL 2K (RTY_F)
Shook out below the 50dma, and now back in the range above all kma’s.
Let’s see job data tomorrow if we can push above 2004$ or we crap again. It could be the shakeout we needed to fuel a move higher, we’ll see.
Market Internals
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