+21.31pts
+106.55%
+120.19pts
+120.19%
+102.17pts
+340.57%

New lows imminent for SPY… 

Exciting developments this week as we finalised the latest research upgrade to our automated stock picker which will be included at the Summit event (see below for more details). We’ve also made further design enhancements, which make the next platform upgrade spectacular.

It all means you’ll be a more precise trader, accomplishing your routine dramatically faster, and with better performance too. We couldn’t be more excited!

In terms of market behaviour, no surprises as the main indices stalled, retraced and bounced back down again. The observation here is the speed with which these pauses and retracements are failing.

As I mentioned last week:

If you learn my methods and use my tools you’ll be in complete control of your trading.

You’ll avoid all the drama and time-wasting. You’ll focus on our uncanny ability to interpret probable market direction, and use our scarce information (OVI strategies) for stock selection.

And again…

If you focus on OVI consolidations and sideways movements around Key Levels, you’ll be miles ahead of 90% of everyone else out there, and you’ll be spending just a fraction of the time they do.

Market Outlook

Almost the same as last week. As expected, the S&P paused (again, just for a few days this time) and found resistance … this time at the 20-dma. Last week I said:

“From here the SPY’s next big support levels down are 350, 340 and 320.

“350 is highly likely to be hit and we’ll see how the behaviour looks at that pointThere’s no real point in looking too far ahead, and we could still retrace before then.”

We did retrace before 350 was hit, and the likelihood of it being hit remains very strong.

The Main Indices

Last week I mentioned again that we were likely to pause for a few days. Again, that lasted just four days! And while we remain oversold, this time new lows are more likely to occur before the next retracement.

Market Timers

  • Longer Term Market Timer (OVIsi): Red, and likely to stay red for this coming week.
  • Medium Term Swing Timer: Negative (oversold) 
  • SPY OVI: Neutral

The medium-term outlook is still bearish, and we’re likely to see new lows soon.

Fast Filters Stock Selection

A nice bullish move from MLCO from last week, while most of the bearish selections paused. 

This week we’re seeing the possibility of many waterfalls manifesting after last week’s steep retracement. A couple of stocks I didn’t mention in the video are CELH and ENPH, which look short-term bearish despite the Twitterati’s love-in with them. And DINO looks bullish if it can break out from its flag, though a retracement to its 50-dma would potentially make it even more attractive.

A sub-section of today’s watchlist is as follows:

AAPL APA ARKK BAH CELH COP COST CPNG DINO DXCM ENPH FND GFI HLT IWM NEE NET NFLX OXY PRGO PYPL SPY TOST UBER UPS WFRD WWE ZBH

Events

The WiseTraders Summit on 3rd December is going to be our best ever, packed full of upgrades and improvements. It’s at the London Courtyard Marriott Heathrow, and we’ll also be broadcasting live and recording it. I will be unveiling more upgrades and findings, making all of our trading more precise and more efficient.

Keep an eye on your Market Prospectors newsletters over the coming weeks for more information and details of how to secure yourself a ticket!  

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.

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