Market update & Focuslist - 09/01
Evening Market Update & Strategic Insights
Thought of the day
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MARKET ANALYSIS
The market picture is at risk here, so I prefer to keep it safe and be lighter.
QQQE breaks ST UTL and rejects the 21dma-structure once again. We are building lower highs.
10<21<50dma...kma's start to be downtrend aligned.
MCO hooked down again after retesting neutral readings (re-acceleration of selling)
Breadth extensions made a new lower high and close, making a ST LL.
Momentum hook-down as well.
That being said…QQQ/NQ are right in the 10-week moving average (10wma) structure and still holding the 21-day moving average (21dma) structure in what could be a higher low being made on a funky end-of-month Friday. Add that both recent cycle leaders are tight at their 50-day moving averages. We need to keep an open mind and see which side the price will swing to, confirming or not the breadth picture. A weak week open to create a short-term oversold condition will be pretty constructive for the market to setup.
TLMM DASHBOARD NASDAQ
MARKET INTERNALS
Downtrend below daily & weekly structures. All good.
Downtrend below daily & weekly structures. Retest of daily structure right here, watching for reclaim or rejection?
10Y Bond Yields (TNX)
Downtrend below daily & weekly structures. All good.
/BTC (Bitcoin)
Been rejected at the daily structure. Patience until we reclaim it. The trend is now confirmed down from daily & weekly.
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Sector breakdowns, focus setups with alert levels, fresh scans, my latest portfolio moves, and a look at the week ahead.
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