The markets …
Three weeks ago I mentioned how this market could twitch and spark a whipsaw.
Friday saw one of those extraordinarily wide ranged bars that can turn the momentum decisively.
Whatever happens from here it looks like it wants to be relatively untidy, which means you have to be extra vigilant and be doubly sure about what your game plan is.
As with the last couple of weeks, this week there continues to be a dearth of really high quality Big Money Footprints setups.
See below for Market Outlook.
Another reminder, to ensure you keep getting my reviews and communications, please register for our Telegram channel here.
https://t.me/wisetradersovi
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://members.wisetraders.com
- Click on Platform (top right)
- Click on TV within the Platform (top right)
- Choose “On Demand”
- Play
Market Outlook:
Watch the video for more detail.
As a quick summary it does look like there is some upside potential, but it’s likely to be ragged.
Our market timing is a real strength that few others possess. Being good at market timing enables you to swim WITH the tide.
The Main Indices:
The SPY, QQQ and IWM got close to their 50-dma’s before bouncing back strongly on Friday.
The DIA had already broken its 50-dma to the downside and snapped back to almost hit it again.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Bullish and not overbought. - Index OVIs:
All slightly red.
Fast Filters Stock Selection:
Not much out there of real quality this week. If you think otherwise, then your analysis may not be tough enough!
Remember a chart needs to have the right qualities in order for you to consider trading it.
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 desirable but those four are essential to ME!
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. **
Software Upgrades:
A new chart design is almost complete where you’ll see real consistency between all the different charting applications. This will make things easier for you moving forward.
After that, journaling from the charts which will pave the way for:
- A link to a broker platform from the enhanced Journal app directly from the charts to make life much easier for you.
Imagine knowing if an options trade is in line with or violates your stated risk parameters!
We’ve already built the calculator engine, it just needs to be deployed. - More indicators to choose from inside our OVI charts …
Not so much for me personally, but I know many members do like to play!
Also, the full mobile phone (portrait) optimization is in the plan for the summer, and more dynamic notifications from inside the application will follow that. Lots to do!
Many more game-changing upgrades will be made in time for the London Stocks Summit on December 7th.
Events:
Our Stocks Summit in London on 7th December will be the most practical ever, with half of the event dedicated to practical exercises and with the most bonuses ever.
Like we just did in Orlando, each session will have a practical exercise for you to complete, so you can build your confidence in finding the exact type of setup you want to focus on. Easily by the event, all your TradeFinder activities will be directly from the charts, saving you huge amounts of time.
The Options Bootcamp recordings are up now and organised into their relevant chapters for easy viewing.
Watch today’s market review inside the members area here! To the left is the Watchlist area. To the right is the TV area.
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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.
