I'd say for most Angel's it's 40% Market/35% Team/25% Traction. After all, a great team with traction but in a small market = no meaningful exit. But a great team in a large market can use funding to grow traction. And an Ok team (you're not sure on them) with real traction in a big market is probably worth the gamble (you can always encourage a key new hire if you see a deficiency)
You are right about the market, but I would say that traction changes the opinion for any team (as it is a very subjective evaluation). And team usually perceived as great may generate some doubts if they don't have traction.
EDIT: Thinking a little bit more, I guess the market dictate how much money you raise and for how much equity. But if you are fundable or not, I still think is about traction.
