Alex's daily Market update & Focuslist - 01/23
The broad market digest the recent bounce, while the S&P 500 makes a new high again.
Good evening!
The market remains strong, with a new high on the S&P 500, while the broad market & smaller-cap names digested the last few day’s action.
I see no red flag, only a strong trend. In that case, I want to focus on my Portfolio & setups until PTMM shows an ST_momentum overbought condition.
We’re not there yet.
Day by day, level by level.
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 + Takeaways
Key Takeaways:
I see today as a rest day following yesterday's breadth thrust.
Flat price & participation day
Flat momentum
Good U/D volume
Overall, there is not much information about today's action; apart from that, we could have been rejected, but overall, everything held and showed great relative strength. So, the ST trend remains, and we will have more information tomorrow.
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
There is a new high today, and we confirm that the trend is strong, and we will probably not even retest the 4830$ base level.
Our job will be to follow that trend and look for red flags.
Let’s not complicate anything, and the trend is up & strong.
NASDAQ (NQ_F)
Not a new high yet.
RUSSELL 2K (RTY_F)
Russel was rejected at the 2004$ resistance level we were discussing last night. We are still above all kma’s, and a retest & higher low pullback would be healthy and constructive if it would happen.
I will look for that 2004$ level reclaim as a bullish trend confirmation.
Market Internals
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