Alex's daily Market update & Focuslist - 01/25
The broad market refuses to breakdown, while the technology sector looks tired.
Good evening!
We didn’t see the follow-through & breakdown today, as the broad market and RTY held key levels & kma’s. We didn’t confirm an uptrend continuation either (RTY 2004$ pivot), but the first step was not to break down today, which we did.
I still have mixed feedback on my positions in the last few days, and that’s why, in the last two days, I almost closed all my long exposure. With the technology sector and the large/mega-caps looking extended & tired, we might see that rotation into more defensive sectors & small-caps. (which I’m ok not to participate)
One thing is sure: We are not in a fat pitch spot to get aggressive in my typical traded names, and as a swing trader, I prefer to wait for that fat pitch rather than get chopped later in the cycle.
Patience.
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:
The broad market did not follow through lower today, as the price refused to break, and we saw good participation overall. Momentum was not exceptional, but positive and increasing.
Strong U/D volume
Breadth is still contracting (MCSI downtrend)
NNH decreased
Price breaking out of the pullback channel, with maybe a higher low & HH if we follow through tomorrow.
The 5 & 10-day ratio increased today while being almost flat.
Per my system, we are in no man's land for either a long or short window of opportunity to get aggressive. But with the failed follow-through down and all kma's reclaim of today, a trend resumption is possible from here.
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GENERAL MARKET ANALYSIS
S&P500 (ES_F)
The recent swingH pivot was defended again today, and ES is now trading in that tight range that should give us more information on the next market move.
NASDAQ (NQ_F)
NQ was trading in the same range, but some large-cap tech earnings created that gap below the pivot. We’ll see if tomorrow we can reclaim it or get rejected & follow through lower.
Price still above all kma’s = uptrend still intact.
RUSSELL 2K (RTY_F)
The index that was looking weaker held where it had to today. We held the 8/21dma and we might build that tight handle below the 2004$ level I am still watching closely for an uptrend continuation breakout.
If we see some rotation out of tech & mega-caps, RTY is one to watch.
Market Internals
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