Alex's daily Market update & Focuslist - 01/01
HAPPY NEW YEAR!!
Happy New Year everyone! 🥂🍾
A big thanks for being such a fantastic part of the PrimeTrading community. We've had a wild ride in 2023, and I can't wait to see us take 2024 by storm.
Let's keep rocking it together! Cheers to a killer year ahead!! 🎉🚀
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
PTMM is on a GREEN market signal (🟩)
Key Takeaways:
Distribution with GDB @ -560
2nd negative daily momo
Still above all, kma's
MCSI rounding down after today's distribution
NNHL is almost flat now
Momentum indicators:
5d_momo coming off OB area
10d_momo still > 1
MT_momo remains very OB, but there has been a good drop in the last three days.
Still overbought and room to the downside before a meaningful buying opportunity
We saw the market being rejected last Friday for the year's last trading day. With the extreme readings we’ve been seeing lately, I’ll be cautious if this reversal and selling is accelerating. Another red day tomorrow, and we would have an MCSI hook down that would give us a RED signal.
Let’s see if we can get a meaningful pullback to remove the recent excess and create a great buying opportunity.
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