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The Markets …
One of the exercises we performed last weekend was on Market Timing, a real strength here at WiseTraders.
The conclusion we all arrived at was that the markets were overbought and not yielding many quality setups.
That turned out to be an accurate assessment, and this week has also yielded slim pickings from a Big Money Footprints point of view.
See below for Market Outlook.
Market Outlook:
Our market commentary continues to be outstanding. Mastering market timing enables you to swim WITH the tide at the right time.
When I assess market condition, I review several proprietary indicators for the indices and then review a lot of individual stocks. This gives me the overall shape of the market, and then the quality of setups forming.
This week I see that the SPY and QQQ are robust while still being over-extended, and the IWM and DIA have pulled back from their own overbought levels.
Individual stocks are not displaying many of the plum setups that we require for no-brainer trades.
So, there are plenty of so-so setups, but very few real gems. That tells me to be patient.
Watch the video for more detail.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green but one key component showing signs of overbought. - Medium Term Swing Timer:
Bullish, not overbought. - The Main Indices:
The OVI for SPY, QQQ and DIA is broadly positive (more so for QQQ), while it’s negative for IWM.
Stock Selection:
Today I’ve focused on my favourite Big Money Footprint setups near Key Levels for potential breakouts with post-earnings.
The key to consisency is to pick your playbook and stick to the best quality setups that conform to it.
My playbook is OVI, near Key Levels, Shrinking Retracements, and a consolidation/sideways move. The other two Big Money Footprints are highly desirable but those four are essential to me! With my new VIP filters, I’m also now looking more at overbought and oversold issues.
Go into the ‘Expert Watchlists’ area of the platform to view my Watchlists for (a) all the stocks I cover in today’s video, and (b) a smaller list that warrant a closer look.
** The list of stocks is in the Expert Watchlists area (just click on my image to see them), so you’ll have to log in to see it. Market Timing will also go inside a login soon. Remember to reference the video commentary so you know what my sentiment is on each stock listed. **
Don’t Miss Out:
Software Upgrades:
The journal upgrade is almost ready to show with broker token forms for Interactive Brokers. We’re looking at other brokers to integrate with as well.
We’re going mobile by the spring, which will be another game-changer for our experience, including dynamic notifications from inside the application.
Several important upgrades happening with our options modules, which I’ll show you in the coming days, and there are big research items also almost ready to share with you.
Soon we’ll also deploy updated ‘How To’ video guides, and we’ve already deployed a handy ‘How To’ clickthrough guide to help you navigate the platform. We’ll also be upgrading the Fast Filters still further.
Many more game-changing upgrades will be made in time for the Mayakoba Options VIP Bootcamp on May 3rd – 4th.
Upcoming Events:
Our Options VIP Bootcamp in Mayakoba will be on the 3rd and 4th of May! It’s going to be amazing! Rooming details will be available soon.
Watch today’s market review inside the members area here! To the left is the Watchlist area. To the right is the TV area.
How to Watch This Video:
The best way to watch this video so you can flip through the charts at the same time:
- Log into the members area: https://platform.wisetraders.com
- Click on TV within the Platform (top right)
- Choose “On Demand”
- Play
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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.
