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The most important word in that last sentence was “good”.
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The Markets …
This was – unsurprisingly – a quiet week, meaning an unusual number of consolidations.
And while I like to trade consolidations, each one needs to be considered by its merits – by way of corroborating Big Money Footprints.
In particular I want to see a consolidation in close proximity to its nearest Key Level, with an unambiguous OVI, and other markers suggesting a clear interpretation of supply and demand pressures.
Sure, I may miss opportunities, but that’s a worthwhile price to pay for consistently solid, safer, higher probability, setups.
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.
Last week I said the two possible outcomes from that point in time were either a sharp rebound back up, or a Waterfall resuming the recent downward momentum, and that we needed a couple more bars to get a clearer picture.
Four bars later and we find ourselves in a similar situation, especially as the last week has naturally been the quietest week of the year.
A quiet week that leaves the main indices on the knife-edge of two possibilities …
Either a push down to complete a waterfall setup, or a resumption of the medium-term uptrend.
It’s not quiet as black-or-white as I’d like, which is compounded with earnings starting in just three weeks’ time.
Watch the video for more detail.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Bearish. - The Main Indices:
The OVIs for the SPY and IWM are negative to varying degress, while mildly positive for the DIA and QQQ.
Stock Selection:
With so many consolidations happening right now, I used our phenomenal TradeFinder filters to reduce the consolidation numbers to the most attractive setups.
For example, I added our new filter, “Within (x)-ATRs to Key Level”, and a 5-day OVI average filter (bullish first, then bearish) to isolate the best bullish and bearish filters respectively.
As with last weekend, a bit of caution is required as last week was so quiet in terms of volume due to the holidays.
The key to consisency is – as ever – 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 – early in the New Year.
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.
