Alex's daily Market update & Focuslist report - 09/07
Pullback continues - day #3
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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 8:30 job report.
We are now BELOW the three important levels I highlighted last night:
50dma
4534$
Current rally low_AVWAP
Volume was also above average.
Again today, we saw good support action intraday, as we closed in the upper range of the day. We remain in that tight channel until we reclaim the levels above and see a good breadth thrust, we remain in an ST downtrend.
NASDAQ (NQ_F)
RUSSELL 2K (RTY_F)
PT MARKET MODEL (PTMM)
PTMM is back at a FULL LT GREEN market signal on PULLBACK (🟥)
Price closed DOWN (-1.07%)
Breadth was DOWN (-296) - weak
U/D volume at 0.21 - weak
MCSI UPTREND + ABOVE 10dma - starts to curve down
Daily MOMENTUM was DOWN (0.17) - no momo today…
5 & 10-day downtrend and 10-day turned negative
NNL is at -17 - acceleration
-0.60% > 50dma.
BOTTOMLINE:
Despite seeing shakeouts & setups still intact in many interesting stocks, I remain cautious as we’re seeing a DETERIORATION of breadth & momentum in the last three days.
With indicators already fragile, ST & MT indicators have already flipped negative for the majority.
It's a hard penny market.…not a time to be aggressive.
Internals
MMTW (Stocks > 20dma - market extension)
Pullback continues, now at 34%
MMFI (Stocks > 50dma - market extension)
Pullback continues, now at 31%
We broke down from the pullback channel today, which I take as very constructive…
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Rejection at UTL - good.
10Y Bond Yields (daily)
10Y acting as expected with recent SwingH reversal- this is interesting
Rejection at UTL
BTC/USD (Bitcoin)
It was an interesting action as we broke the structure DTL today and saw constructive action in crypto miners. (MARA, COIN, RIOT, etc)
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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