PrimeTrading daily Update & Focuslist - 04/07/22
Welcome to another Daily Update & Focuslist!
This Newsletter is a daily publication where you’ll be able to follow how I’m invested, along the names I’ll be looking to potentially enter tomorrow.
Enjoy ! ✌️
Disclaimer: This newsletter is not financial or investing advice. The information is for education purposes only and reflects only my own operation.
Market REVIEW
We followed through on the downside today after highlighting this possible scenario yesterday. We tried to reverse 2 times after 14:00 FED minutes this afternoon, but each time we got rejected at the intraday downward 21ema.
SPX right now at a convergence of 3 potential reversal levels. We are sitting right at the 50dma, also the 4474$ level that supported us on the first 1 day pullback we had in rally on March 23th and finally the measured move from first leg down. Note that both NDX & RTY sliced through their 50dma and leading the move down.
Next potential area of support if we can’t hold 50dma tomorrow is around 4387$.
Breadth:
Stocks > 50&200 - 50 took a bigger hit than 200d. LT breadth is stronger which might be positive here.
Net 52/1M NH - As expected, no strength this morning led to a rough day here.
McClellan Osc. - Now NEGATIVE. Good, if we want to have a meaningful bounce, we need to get more negative than that.
VIX - Back above 20 (@ 22) with a 5% increase. Volatility IS coming back into this market.
Sectors:
Everything took a hit today, except for Health Care & Staples that were very strong today. Note that the weakest sector today were the strongest one recently.
Portfolio UPDATE
No portfolio changes today. All my positions are my cores that I now trail the 21dma and my Shorts are now positive and going for the big move or B/E trade.
New positions:
Trimmed positions:
Closed positions:
Daily FOCUSLIST
I am STILL not honestly looking for new long positions until durst settles and we get clarity on the market direction.
Some names are still looking good if they trig their pivots. FYI only
Initial Stop loss is always placed at LOD (Low of Day).
REFERENCES
Articles on my system:
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