Next leg down…

Last weekend’s Summit went wonderfully well. Feedback overwhelmingly confirms it was by all accounts our best yet, and we’ll be going many steps better for the Miami Bootcamp in April.

In the past few days, the S&P and IWM once again had vertigo around their 200-dma levels. Whether there’s one more push up remains to be seen. This time last week it looked like there would be a little more juice, but even that could be optimistic now.

Something to remember though, is that the stock market will always be ahead of the economy, so we need to keep in touch with it on a regular basis. The easier opportunities can present themselves quickly, so remember to be the lion… not the headless chicken!

The main point I’ve been making for some time now is that the stock market is likely to make a further leg down to at least test the October lows. It’s just a question of precisely when that process starts in the coming weeks.

And we need to be on our toes for the easy setups.

Market Outlook

The big question is whether or not the 200-dma is the final resistance for this up-move since October on the S&P and IWM.

Watch the video near the bottom of this email for more detail.

The Main Indices

Two weeks ago, I mentioned the DIA was looking a tad overbought, and it’s certainly slowed since then.

The QQQ is resting just above its 50-dma, while its OVI is still weak.

The SPY is looking weak price-wise, now below its 200-dma, but its OVI is still showing signs of life. 

The IWM is also looking weak price-wise, albeit with support at the 50-dma and an OVI that had been robust until Friday.

Two weeks ago, I said here that it was likely that the remainder of this up-swing would be short-lived before the next downward retracement.

Market Timers

  • Longer Term Market Timer (OVIsi): Amber and will likely stay amber for this coming week.
  • Medium Term Swing Timer: Negative (not oversold)  
  • SPY OVI: Blue

Two weeks ago, I said I expected any further upside to be short-lived. That’s still the case… the question is whether there is any further upside.

Fast Filters Stock Selection

This week I’ve made a number of Fast Filters to unearth the best looking charts.
Here are a few stocks that look interesting for our consideration:


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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