Alex's daily Market update & Focuslist - 03/07
Enjoy!
Good evening!
If you like the PrimeTrading newsletter, please consider taking a few seconds to help make these articles possible and support my work… THANKS!
Leave a like on this post.
Share this post on Twitter.
Alex ✌️🙏
GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Price Action Analysis:
ES_F was holding well until 10:00 when Jerome Powell decided to be as hawkish as he can be and reinforced the possibility of a 50bps rate hike at the next meeting on March 22th. Probability jumped from 28% to 71% after the speech.
That really spooked the market as we saw a constant and strong downtrend the entire day.
Within one day, ES_F goes from ABOVE to BELOW all kma’s… just like that. It also tried to bounce off the 4016$ level, but we finally closed below it and 1.55% down on the day.
We are still within a potential support area, but that swift reversal along the fact that we are below all kma’s and breadth don’t seem to show strength at all, really puts me on the defensive right now as you’ll see later in the letter.
NOTE: Tomorrow at 10:00 EST, Jerome Powell is testifying AGAIN before the Joint Economic Committee, which will move the market either way.
On the upside,
A reclaim of the 4016$ level and the 50dma would be a good constructive action tomorrow if we react positively to economic releases.
On the downside,
If we lose the 3964$ level tomorrow, I think we might get in more troubles ahead.
NASDAQ (NQ_F) Daily
RUSSELL 2K (RTY_F) Daily
POTENTIAL SUPPORT/RESISTANCE LEVELS (ES/NQ/RTY)
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
✅ My overall current market Takeaways & GAMEPLAN for tomorrow
✅ My daily Focuslist, including setups, alert levels & explanation (LONG/SHORT)
✅ My Portfolio update
✅ Sectors Review
✅ Market Breadth & Internals
✅ Economic Calendar
✅ Prime Model spreadsheet (PT_database)
✅ Leaders list (technicals, fundamentals & potential TMLs)
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.