This free market analysis worksheet is a printable, fillable PDF that structures the professional top-down approach to pre-market preparation — covering macro conditions, sector rotation, intermarket signals, and individual stock screener criteria in a single four-layer framework. It is designed for equity swing traders and day traders who want a repeatable 15-minute pre-market routine that filters the market from broad conditions down to specific trade candidates.
What’s Included
- Macro conditions layer — Fields for VIX level with regime classification (below 15 = risk-on, 15-25 = transitional, above 25 = risk-off), Fed policy stance, 10-yr yield trend direction, and DXY position relative to its 50-day MA.
- Sector rotation ranking table — A pre-populated table of all 11 SPDR sector ETFs (XLK, XLE, XLF, XLV, XLI, XLB, XLP, XLU, XLY, XLC, XLRE) with blank columns for 5-day and 20-day SPY-relative performance. Top sectors get circled; laggards get crossed out.
- Intermarket signals tracker — Single-row entry fields for DXY, TNX (10-yr yield), GLD, and USO with directional arrows (rising/flat/falling) and a macro summary box to note cross-asset implications.
- Stock screener criteria checklist — Four binary filters per candidate: price above 50-day MA, volume ratio vs 20-day average (threshold: 1.5x), RS rating vs sector ETF, and ATR-based stop within risk tolerance.
- Entry plan row — Trigger price, stop price, stop percentage, shares (derived from fixed-dollar risk / stop distance), and risk/reward vs first target.
- Regime classification key — A reference card showing how each VIX band historically correlates with realized volatility and the recommended position-sizing adjustment for each regime.
- 15-minute completion guide — A task sequence that assigns each worksheet section to a free tool: CBOE for VIX, TradingView heatmap for sector rotation, Finviz for intermarket prices, Finviz screener for individual candidates.
How to Use
Step 1: Complete the Macro Layer First
Open CBOE (cboe.com/vix) and record the current VIX reading in the macro layer. Circle the corresponding regime — below 15 is risk-on, 15-25 is transitional, above 25 is risk-off. The VIX historical average is approximately 19.5, so a reading of 13 is genuinely complacent while 28 warrants defense. Record the Fed’s current policy stance (tightening/easing/neutral) and whether the 10-yr yield is trending up or down over the past 5 sessions. Check DXY against its 50-day MA on TradingView — above it means dollar strength, which is a headwind for gold and commodities per their historical -0.7 correlation.
Step 2: Rank Sector ETFs by Relative Performance
Navigate to TradingView’s sector heatmap or Finviz’s sector performance page. Fill in the 5-day and 20-day columns for all 11 SPDR sector ETFs in the worksheet table. Sort mentally — circle the top 2-3 performing sectors and strike through the bottom 2-3. Per the Fidelity sector cycle model, early-cycle environments favor XLF and XLI; late-cycle environments favor XLE and XLB. This step limits your trade universe before a single stock chart is opened.
Step 3: Log Intermarket Signals and Write a Macro Summary
Record directional arrows for DXY, TNX, GLD, and USO in the intermarket row. Then write a one-sentence macro summary in the summary box — something specific: “Rising yields + dollar above 50-day = headwind for growth tech and gold; financial sector benefits from yield curve steepening.” This sentence becomes the lens for every trade candidate evaluated in the next layer.
Step 4: Apply the Four Screener Criteria Within Top Sectors Only
Open Finviz’s screener and set the sector filter to your top 2-3 circled sectors. Apply these four filters: price above 50-day SMA, yesterday’s volume at least 1.5x the 20-day average, RS rating above 70 (or filter by relative strength vs the sector ETF in TradingView), and an ATR-based stop distance that fits within your account’s per-trade risk limit. List names that pass all four criteria in the candidate rows.
Step 5: Build Entry Plans and Apply Position Sizing
For each qualifying candidate, complete the entry plan row. Record the trigger price (e.g., above yesterday’s high), the stop price (entry minus 1 ATR, or a recent structural low), and calculate shares using the formula: fixed-dollar risk divided by stop distance in dollars. On a $25,000 account with $250 risk and a $2.50 stop, that is 100 shares. Calculate the risk/reward ratio against your first profit target — only proceed if it is at least 2:1.
Step 6: Archive and Review Weekly
At the end of each week, review the prior five worksheets side by side. Note which regime types produced your highest win rates and which sector environments generated the most qualifying setups. This longitudinal review is where the worksheet pays compound returns — it transforms isolated trade decisions into a performance dataset.
Key Benefits
- Enforced sequence — The worksheet’s layout physically prevents evaluating individual stocks before completing the macro and sector layers, which eliminates the most common retail mistake of bottom-up-only analysis.
- Regime-aware sizing — The VIX classification key translates directly into position sizing adjustments, so volatility spikes above 25 automatically reduce exposure without requiring a separate decision.
- Intermarket context — The DXY-GLD correlation (-0.7 historically) and yield-growth relationship are embedded in the worksheet’s logic, giving equity traders a commodity and bond perspective without requiring deep macro expertise.
- Free toolchain — The entire workflow runs on CBOE, TradingView (free tier), and Finviz (free tier) — no paid data subscriptions required.
Template vs JournalPlus App
| Feature | This Template | JournalPlus App |
|---|---|---|
| Top-Down Framework | Printable four-layer PDF worksheet | Macro context fields embedded in each trade entry |
| Sector Rotation | Manual ETF ranking table | Automatic sector tagging and sector-level P&L analytics |
| Intermarket Logging | Manual fields for DXY, TNX, GLD, USO | Market condition tags linked to trade performance |
| Win Rate by Regime | Manual calculation from archived worksheets | Automatic filtering — view stats for risk-on vs risk-off sessions |
| Position Sizing | Manual formula (risk / stop distance) | Automated calculator with configurable risk-per-trade |
| Historical Archive | Physical or digital filing system | Searchable trade history with macro condition filters |
| Price | Free | $159 one-time, lifetime access |
This worksheet is a genuine, actionable tool for building the top-down analysis habit. When the manual logging becomes a bottleneck — or when you want to see how your win rate shifts across different macro regimes automatically — JournalPlus picks up where the spreadsheet leaves off.
Download
Download the free Market Analysis Worksheet and build your pre-market routine starting tomorrow morning. No account required — open, print or fill digitally, and repeat daily.
Frequently Asked Questions
What is a market analysis worksheet for trading?
A market analysis worksheet is a structured document traders complete before each session to assess macro conditions, sector strength, and intermarket signals before selecting individual trade candidates. It enforces a top-down analytical process, ensuring each trade is evaluated in the context of the broader market environment rather than in isolation.
How long does top-down market analysis take each morning?
A four-layer top-down analysis using free tools (CBOE for VIX, TradingView sector heatmap, Finviz for screener) takes approximately 15 minutes when done with a structured worksheet. Without a template, the same process often takes 30-45 minutes due to the lack of a defined order of operations.
What is sector rotation and why does it matter for stock traders?
Sector rotation is the movement of investment capital between industry groups as economic conditions change. Early-cycle sectors like financials (XLF) and industrials (XLI) tend to outperform early in a recovery, while late-cycle sectors like energy (XLE) and materials (XLB) lead near peaks. Identifying which sectors are leading vs lagging SPY on 5-day and 20-day windows helps traders focus on stocks with macro tailwinds rather than fighting the prevailing rotation.
How do I use VIX to adjust my trading?
VIX readings below 15 indicate low realized volatility and a risk-on environment — stops can be tighter and position sizes larger. Readings between 15 and 25 are transitional, warranting normal sizing. Readings above 25 signal an elevated risk-off regime where wider stops and reduced position size are appropriate. The historical VIX average is approximately 19.5, so readings well below that represent complacent conditions, while spikes above 25 indicate institutional hedging or fear.
Can I use this worksheet for forex and futures trading?
Yes, with minor adjustments. Forex traders replace the sector rotation layer with currency pair correlation analysis — for example, DXY direction vs. EUR/USD and AUD/USD — and focus the intermarket layer on yield differentials between countries. Futures traders can use the macro and intermarket layers as-is, replacing the stock screener criteria with contract-specific filters like open interest changes and term structure analysis for commodities. The trade planning worksheet and trading plan template pair well with this worksheet for building complete pre-trade and pre-session documentation.
