Alex's daily Market update & Focuslist report - 08/31
Flat reaction to PCE while the market seemed tired after 5 up days in a row - How will job reports impact the market tomorrow?
Good evening!
Happy Labor Day!! (no report on Sunday night)
Alex ✌️
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
The market got slightly rejected into the resistance area today.
We tested the 4551$ area pre-market on the PCE report and quickly faded and rejected it.
We did not roll over hard, so this is constructive and a character change. So far, we might pullback in a healthy way, but it remains to be seen.
We are now between two important levels, 4493$/50dma, and 4451$ structure level.
Tomorrow is the job economic data, so I’ll watch these levels for my bullish/bearish scenarios.
NASDAQ (NQ_F)
RUSSELL 2K (RTY_F)
PT MARKET MODEL (PTMM)
PTMM is back at a FULL LT GREEN market signal (🟩)
Price closed UP/FLAT (+0.09%)
Breadth was UP (+50) - flat
U/D volume at 2.42 - flat
MCSI UPTREND + BABOVE 10dma - We crossed today!!
Daily MOMENTUM was UP (+1.12) - flat
5 & 10-day both rising - both above 1
NNH is at +23 - stalled a bit
+0.35% > 50dma.
BOTTOMLINE:
We got a flat day across the board, with the only positive being MCSI crossing above the 10dma.
We are seeing very constructive overall action, while we could be due for a pullback with internals looking tired and stalling after five up days.
Internals
MMTW (Stocks > 20dma - market extension)
Reversal at the 50% area today. We could see this rejection develop into a slight pullback, we’ll see!
MMFI (Stocks > 50dma - market extension)
Reversal at the 21d here too.
We continue lower again today. I’ll watch the 12.50/13$ base area retest as a potential pullback spot. We’re not there yet.
MOVE (Merrill Lynch Option Volatility Estimate - Bond market volatility)
Channel breakdown follow through - good!
10Y Bond Yields (daily)
We are holding the 21dma again today. A retest of previous structure is possible.
Small bounce today, let’s see if we get rejected at the UTL retest.
BTC/USD (Bitcoin)
Ugly & wide action in BTC… We completely negated the Tuesday news move and are now back to the previous base level.
In the following sections of tonight’s letter, I’ll cover essential parts of my daily routine & preparation for tomorrow’s trading session.
Make sure to subscribe and support my work if you’re interested!
✅ 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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