Pristine Market Analysis & Watchlist 4/24

Do you have sit-out power?

Team,

The market has been flat over the last 16 candles. This price action tests your sit-out power, which is a required skill to trade at the highest level, but also one of the most difficult skills to develop! I spoke on a Twitter space this evening with a panel of other traders, and I could tell by the sound of their voices and what they were saying that some of them were overtrading the market and struggling. I only share this with you because it highlights that almost everyone falls victim to overtrading, due to the pressure to make money every single day! I can guarantee you that trading is not an activity where you can choose which days you make money. The more you fight a market that is not moving, the more danger you may find yourself in.

I try to view this in a positive way, and think that the market is giving me days off from work when it is this choppy. In most other professions, people would kills for extra days off! But in trading, we get depressed when we are gifted days off. Why is that? It is due to fear and greed. The moral of the story is, if you can appreciate the days off, you are going to fare much better than those trying to work on their days off.

-Andrew

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Equity Dashboard

The dollar was weak, treasuries were bid, and equities were…mehhhhh

Rotation out of some of the largest names in the S&P 500.

Fed Fund Futures

Fed fund futures remain incredibly volatile, and are moving off every incoming economic data point. The market is still pricing in at least one rate CUT into year end. If the market is forced to quickly price out all rate cuts, that could create ripples in equities.

ES_F S&P 500 Price Action Analysis

Heading into a big day of megacap earnings, the S&P 500 is trading inside the weekly value area. I could see a big directional move in the market occurring at the tail end of this week after those name report. Until then, enjoy the chop!

ES_F S&P 500 Hourly Chart

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