Pristine Market Analysis & Watchlist 5/17

Blowing Off!

Team,

Are we in a blow-off top? Is the debt ceiling going to pass or fail? Are we going to retest the lows? Who cares. Let’s keep flowing with the action and give it our best. No trader left behind!

-Andrew

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Economic Data

Today’s session kicked off with better than expected housing starts data, and a debt ceiling speech by President Biden:

Biden reassured the world that America would not default! From there, the session kicked into overdrive…

Treasury Action

10Yr

ZN_F 10yr treasury futures finished in negative territory again! Bonds and stocks are living in two different worlds for the time being.

May Index Performance

The Nasdaq was the only index in positive territory…until today. Welcome to the club IWM small caps!

Equity Dashboard

Market breadth was strong today with 81.7% advancers!

TSLA led the charge to the upside:

Index Price Action

Every index looks completely different. ES is flirting with a breakout from the monthly value area, while the NQ is approaching the R2 pivot from the monthly value and is in overbot territory. The RTY Russell 2000 was today’s outperformer and just broke back inside of the monthly value area.

In the following sections of tonight’s update, I’ll cover my research in preparation for tomorrow’s trading session

✅ Trend Model Update - Our proprietary indicator that informs us on how aggressive/defensive to position in the market

✅Market Strategy - My trading plan

✅ Today’s Trade Blotter and Position Update

✅Daily Watchlist - We scan thousands of stocks and hand-pick the best reward/risk opportunities