The major indices are all pretty much where they were 12-months ago and, with this earnings season limping into its last few days, the most likely outcome for the summer is more tepid performance.
Last week I said that choppy conditions were like to continue through earnings, and that was a good call.
I also mentioned that the bearish setups generally looked tidier than the bullish ones, and this week we can see that there are actually more bearish Big Money Footprint setups than bullish.
Again, with some notable exceptions, earnings has been pretty dull and will likely continue in that vein. Moribund earnings seasons are typically followed by moribund conditions.
Watch the video at the foot of this article for more detail.
The Main Indices
The S&P is moving sideways above its Key Levels but it’s not looking particularly ‘compelling’. The QQQ looks, if anything, a bit overbought. The IWM looks like the path of least resistance is down. The DIA looks wobbly as it bounces just on top of its 50-dma.
- Longer Term Market Timer (OVIsi): Still half-green and likely to stay half-green this week.
- Medium Term Swing Timer: Neutral.
- SPY OVI: Marginally positive over the last few days, while the DIA’s has been negative, QQQ’s OVI has been positive, and the IWM’s has been negative.
Fast Filters Stock Selection
As we complete earnings season, I’m not expecting huge drama either way this week, but with so many consolidations forming, there could be some fun to be had not too far afterwards.
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:
AMD APO APTV BURL CAT CSCO DAR ENVX EWZ FND GH IWM JCI LAC LMND LTHM NFLX RL RUM SBUX SJM SPG SYK TOST TSVT UNM VMW WMS
Stay tuned for our events to have a more practical based approach moving forward. Our technology advances allow this to happen, so you can “learn, practice and apply” all at the same time.
The Stocks Summit in London on 2nd December will be accompanied by huge new releases. We’ll also do a Foundation Day online the Saturday before the big event.
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.