Hi there,
This week having been a short holiday week hasn’t thrown up any surprises. The S&P and Nasdaq remain overbought but with further room for upside.
Plum setups are still somewhat thin on the ground, and you’ll see the importance of striking when a stock looks hot near a Key Level… like TSLA a couple weeks ago.
Continue to be the lion! Don’t become a headless chicken just because you missed one.
Market Outlook
Watch the video at the foot of this email for more detail.
The SPY and QQQ are purring upwards as I write this. Meanwhile the DIA is flat and the IWM is drifting lower.
Next week should give more of a nod as to how earnings season will unfold.
There’s not much real quality out there, which makes life easier in that there’s not much to choose from!
Our market timing is a real strength that few others possess. Being good at market timing enables you to swim WITH the tide.
The Main Indices
The SPY and QQQ would still benefit from meaningful pullbacks to their 50-dmas but, as I mentioned last week, are proving to be remarkably robust.
The DIA looks like it has some upside potential, while the IWM now looks vulnerable.
Ultimately these are tricky conditions with not a lot of conviction to really sink your teeth into. Respect this and be ready with the big guns for when there’s more clarity.
Market Timers
- Longer Term Market Timer (OVIs): Green.
- Medium Term Swing Timer: Bullish.
- Index OVIs: The SPY and DIA are blue. The QQQ is flaky and the IWM is neutral.
Fast Filters Stock Selection
Today’s review took me a record fast time because of the big upgrade we released yesterday.
What it meant is that I could amend my Fast Filters from the charts and quickly whizz through more focused setups without having to switch screens. It’s every bit as good as I was expecting and there are still further improvements we’ll make.
Like the last few weeks, there’s not much out there of real AAA quality this week. If you think otherwise, then your analysis may not be stringent enough!
Remember a chart needs to have the right qualities for you to consider trading it. Pick your game and stick to the best quality setups that conform to it.
My game is OVI, near Key Levels, Shrinking Retracements, and a consolidation/sideways move. The other two Big Money Footprints are desirable but those four are essential to ME!
You can watch my full analysis in the video below.
Video analysis
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.
