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So, over the past few weeks I’ve mentioned the scarcity of good quality setups, and last week my main take was that the market was not ready for a new upswing, and chaotically bouncing around the Key Levels was more likely.
That’s exactly what happened… until Friday when the rains poured!
The catalyst to this was of course the collapse of Silicon Valley Bank, which took less than 24-hours from start to finish in the most dramatic scenes seen on Wall Street since 2008.
The most likely scenario from here is that the FDIC will calm the situation in the next few days, but the market is now likely to test those January lows. If they fail, then the June lows will hover into view.
Last week I kept counselling patience… Be the lion and not the headless chicken. Sound guidance!
Personally, I think another leg down is what the market really needs in order to provide the rich seam of setups that makes us happy traders.
So again, this is prime lion time, and a wonderful time to optimise your learning.
Last week I went with the lack of great quality setups being my guiding light for the most likely market outlook.
This week is easier in that I do expect the January lows to be hit in due course.
Watch the video at the foot of this email for more detail.
The Main Indices
The SPY did test the Key Levels again (as suggested last week), and the Key Levels failed to provide support.
The QQQ is just below its 50- and 200-dma’s and is likely to drop below them. 278-280 looks like a logical target level.
The IWM’s recent robustness completely fell apart on Thursday and Friday. The OVI signalled red from the last week of February even while the index was looking robust.
- Longer Term Market Timer (OVIsi): Still half-green and is likely to just hold onto that this week.
- Medium Term Swing Timer: Negative and oversold, but that can continue for a while.
- SPY OVI: Amazingly prescient… has been red since 21st February.
Fast Filters Stock Selection
As per the last few weeks, a relatively small number of nuggets. Focus on setups near the Key Levels (especially the 50- and 200-dma’s).
Being a lion has saved our bacon countless times, and this week’s setups are (not surprisingly) not of the best quality… so be vigilant in sticking to the very best setups.
Here is a smaller list of stocks that look interesting for our consideration. Remember to reference the video so you know what my sentiment is on each one:
BROS CEG COST CVX DASH FSLR FUTU KBH MDB MTDR PANW PTON QQQ SBUX SNOW TOST TPR VLO VMW
The OptionEasy Bootcamp on 22-23 April is just SIX WEEKS away, and with all the upgrades coming, it will be our best ever! It’s at the National Hotel on South Beach Miami, and we’ll also be broadcasting live and recording it. I will be unveiling more upgrades and findings, making all our trading more precise and more efficient.
Remember, you can play the video at 1.25x or 1.5x speed if you want to save time! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.