+22.02pts
+110.1%
+106.4pts
+106.4%
+148.58pts
+495.27%

Still more upside, still ugly

A quiet Wednesday and Friday due to Thanksgiving means the market will reveal its hand more meaningfully this week than last.

Just six days until our Strategies Day on Saturday 3rd December.

Here’s an email I literally just received from a Foundation Day delegate from Georgia:

As you can see, we keep improving year after year. This applies to our research, our technique, our applications and our teaching materials.

This year is extra special as the improvements are dramatic, the implications are profound for your trading experience, and there are further game-changing upgrades to come in the coming weeks.

So, if you haven’t secured your place yet, here’s the place to do it.

Over the past few weeks, I’ve suggested there is still a bit more juice in this up-move that started in October… That still applies, though the longer we hang in there, the nearer the next move down is!

In today’s market review you’ll see me assess likely market direction and the stocks that are forming setups around our Key Levels.

Focus on these and you’ll save time by specializing while controlling risk better.

You do need to keep in touch with the markets because you can only win if you’re actively observing and ready to act.

Remember, be the lion… not the headless chicken! The lion is in a position to watch and only pounce in optimal conditions. This is the way of the successful trader.

Market Outlook

As with the last couple of weeks, I believe there’s still more juice in this up-move, but there is resistance for the S&P up ahead.

Same again, the following move down will likely be the final one before the market starts a broader recovery.

Watch the video for more detail.

The Main Indices

The DIA has broken out of its bullish consolidation just above its 200-dma. Looking a tad overbought.

The IWM is still trying to figure itself out, chopping around its 200-dma but at least with a positive OVI!

The QQQ is still hovering above its 50-dma. Still no compelling OVI participation, and the SPY is bumping up against its 200-dma with a positive OVI.

As per the last three weeks, it’s likely that the remainder of this upswing will 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: Positive (not overbought)  
  • SPY OVI: Blue

Short term I still expect some upside for the S&P, but equally I expect it to be short-lived.

Fast Filters Stock Selection

A decent number of sideways moves and consolidations. The question is always whether they are high quality or not. Remember the optimal setup includes:

  • OVI bias
  • Recent cross of a Key Level
  • A consolidation or sideways movement
  • Recent shrinking retracements

The other Big Money Footprints of recent accelerating volume and price action are also important.

Here are a few stocks that look interesting for our consideration:

AGL BAX BBWI CLF CPNG DAL FAST FDX GPS GS IEP JNPR KDP KO LW MA NEM NNN OSK PEAK PINS PLNT PM SPGI TRU U V VZ WOLF ZM ZTS

Events

The WiseTraders Summit on 3rd December is just days away and going by yesterday’s Foundation Day, it will be our best ever. 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.

You can click this link or the ad at the top of this email to get more information and secure yourself a ticket to the events. With the event taking place this Saturday, this is your last chance! 

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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