Alex's daily Market update & Focuslist - 01/29
Small-cap breakout & the rally want to broaden out!
Good evening!
I hope you are ready…this is a BIG week!!
40%+ % of NQ reports earnings this week, with MSFT, AMD, GOOGL, AMZN, AAPL, etc.
Interest rate decision + FOMC on Wednesday, which will create high volatility
Job numbers on Friday
Today’s broad market action, shown by the RTY/IWM/PTMM breakout, pushed me to open some new exposure. I still want to keep my risk very tight and will want to de-risk all new exposure by the time FOMC hits on Wednesday. I am also avoiding mega-caps & NQ/ES due to heavy earnings coming up in the next few days. I think the small/growth stuff is the trade right now, and that’s where I focused before FOMC.
As explained last night, I don’t plan to be aggressive, but open to take some singles/doubles.
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 + Takeaways
Key Takeaways:
Great day!
+1.2% price above all kma's and made new HH on that pullback
NNH back uo
MCSI hooked up, but still below 10dma.
5-day ratio flat, while 10-day jumped to new high of 2024
Big bounce on MT_momo as well.
Overall that what we wanted/needed to see here for the broad market to prove itself . We still have big economic news this week, but I was not expecting that kind of strength before FOMC...which is a positive if Jpow does not surprise on Wednesday.
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
Here is the breakout from the recent tight range into a new high today. Powerful action, as the uptrend continues.
We’ll want to see a follow-through and the swing pivot hold tomorrow.
NASDAQ (NQ_F)
We bounced from the 8dma and reclaimed the recent range swingL pivot. Strong action, and the uptrend is still intact.
Remember that around 40%+ % of NQ reports earnings this week, with MSFT, AMD, GOOGL, AMZN, AAPL, etc. This is a big week, and I try not to overthink the current price structure as these reports will have huge volatility implications.
Price still above all kma’s = uptrend still intact.
RUSSELL 2K (RTY_F)
Here’s the move I wanted to see to signal a potential broadening of that rally. RTY broke above 2004$ and the recent range of the last few days.
We’ll want to see a follow-through tomorrow.
The RTY/small-cap chart looks very constructive and shows a potential broadening of the market IF we have a good FOMC reaction and continue higher from here.
Market Internals
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