Alex's daily Market update & Focuslist - 03/09
Caution! Market threw warning signs today...
Good evening!
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Alex ✌️🙏
GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Due to futures contract change tonight, levels are changed, so make sure to update your charts.
Price Action Analysis:
Today’s action on the indices and under the hood was seriously ugly, and raises some serious red flags.
ES_F opened strong and even reclaimed the 5dma, but got rejected at the 4056$ level and then broke down in what was a strong & heavy downtrend for the rest of the day. Today’s volume was also the highest of 2023, so a clear distribution day.
We are now below the very important 3964/4016$ base area, and below all kma’s. So the trend is DOWN, and strong.
On the upside,
With today’s range, it would take either a massive move above 4016$, or a multi-day consolidation and breakout to really engage me again.
This type of chart need time to repair.
On the downside,
We have a couple levels below, but the big level to watch IMO will be 3900$ which is an important potential support area. If we lose that level, we are in serious problem mid-term.
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)
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