Market Breadth 2023-01-24

The main focus is on setups and scan outcome, that will provide viable opportunities.

Market Structure: Duration bearish market (stocks move in tandem, occasional oversold rallies)

Primary Indicator: Green (bullish continuation and bearish reversals are favorable)

Secondary Indicator: Breadth thrust 12 Jan / Countermove attempt 18 Jan. Current MMFI: 71.11

MR10: No New Focus. SPY (55 MBC) - QQQ (83 Exuberance) - IWM (56 MBC)

20 percent study: +44/-8

Conclusion: Bullish last session with some excessive momentum to the upside. At the moment minor overextension in NQ as presented from MMFI and MR10, however not in terms of extreme. Market can continue but from intuition price action seems frothy. Will be considerate at initial 30-45 minute of open and act based on provided movement, expectation of consolidation or corrective move short term.