Good evening folks! 👋
What we’ll cover in the Newsletter tonight:
General market analysis ($NQ/$ES)
Market Breadth & Internals
Economic Calendar
Sectors Review
Leaders list
Alex’s Portfolio update
Focuslist including setups, alert levels & explanation
I am always trying to add value to the Newsletter and the overall PrimeTrading content by listening to members’ feedback & suggestions, one of those is to track indices that you folks rely on for trading decisions. So starting from tonight, I’ll start using the NASDAQ & S&P500 as the indices of my GENERAL MARKET ANALYSIS section.
If you have other suggestions or feedback, you can leave a comment!
GENERAL MARKET ANALYSIS ($NQ/$ES)
NASDAQ ($NQ) Daily
We bounce once again at the 11794$ level today and we managed to close above the 12017$ pivot. Making a double bottom at a pretty important support level. Now nothing is played yet, we have many kma’s & levels that could act as resistance above tomorrow.
Don’t forget that Wednesday at 14:00 we also have an FOMC meeting with the rate hike announcement & Jerome Powell will surely move the market.
$NQ levels on the upside
12168/12262$ area from June/July and more recently following CPI rollover is an important area for a potential retest
the 5&10dma can come into play tomorrow (5dma is already in play after-hours)
$NQ levels on the downside
12017$ pivot that we just closed above could be a potential level to retest tomorrow.
The potential support is really that 11689/11794$ area that we held in the last 2 days.
S&P500 ($ES) Daily
$ES levels on the upside
3977/4016$ from the past week’s action could be a good potential resistance for a retest on a bounce
the 5&10dma can come into play tomorrow (5dma is already in play after-hours)
$ES levels on the downside
3855/3903$ area
MARKET BREADTH & INTERNALS
NYHL (New 52W Highs - Lows) - NNL @ -214.
NYAD (Net Adv/Decl) - Back to positive @ +521.
MMFI (Stocks > 50dma) - Gap down at Friday’s low but closed higher. Possible reversal, but still below & extended from the 5dma.
MMTW (Stocks > 20dma) - Gap down and closed higher. Possible higher low, but still below all kma’s.
MCOSINYA (McClellan Oscillator) - McClellan back up @ -115.
VIX - VIX with a very interesting day AGAIN today. We gapped up and tried to breakout to 27.67$ again at the open but we drifted down all day to finally close at the 10dma and below Friday’s low. This is a move in the right direction, but until we break below that consolidation box we’re still at risk especially with FOMC Wednesday.
PCCE (PUT/CALL EQUITY RATIO) - 0.829
DXY (US $) - US$ rejected 109.97$ pivot again and now below the 5/10dma. Could be a reversal but way too soon to know. We’ll need to see a real break below that support area.
US10Y (US 10Y bond yield) - 10Y continues to push higher and now almost broke out of that base area. We made a new high today.
IEI/HYG (Credit Spread) - Credit Spread continues its reversal with another move lower and closed below all kma’s.
BTC/USD (Bitcoin) - Bitcoin got everyone with a break below the multi-month support area. We really thought we would melt down from here this morning…until buyers came in and closed the day green. This is a very impressive action at a KEY level. We need follow-through, but this is a very good first step.
This was a FREE preview of my daily Market Update & Focuslist letter. In the following sections, I’ll share precise entry pivots to position in 4 potential True Market Leaders (TML).
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