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The Markets …
An extraordinary week where again it was our Trade Plan that showed its immense worth as none of the most interesting bullish stocks broke out, meaning no breakouts, and in turn no losses.
The four day week certainly did not live up to the bullish expectations it was setting up for, and in many respects we’re now looking at more bearish setups.
The wrinkle with that outlook is that the news that came out last week is not all bad. The jobs report was not surprising in any way, and interest rates are on course for a cut.
See below for Market Outlook.
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.
In the last two weeks I’d mentioned that our mean-reverting OVI Threshold pie in the Market Timing Dashboard was indicating a reversal, though my other indicators were not corroborating with that.
The market had largely set itself up for upside, but that special indicator flagged caution and prevailed.
The news is certainly not all bad but there was quite a vicious selloff.
So, what next?
In the very short term I would say further downside is likely but not for long. That means some sort of support in the next few days, and possibly a hard rebound.
Not ideal conditions, so either sit it out or make sure you take your profits early.
In the medium term the election will be influencing sentiment, and right now the main sentiment is uncertain.
Our market timing continues to be outstanding. Being good at market timing enables you to swim WITH the tide at the right time.
The Main Indices:
All the main four indices took a hit and finished the week at their lows. The DIA and QQQ are approaching Key support levels while the SPY and IWM have just breached Key support levels.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Bearish and touching the oversold level. - Index OVIs:
All red.
Fast Filters Stock Selection:
This week I focused on the Big Money Footprint combination Fast Filters and consolidations.
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!
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:
Soon we’ll deploy the 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.
Next up is the 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.
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.
