The Nasdaq has lurched into even more overstretched territory, the S&P is poised for a breakout, the Dow is trying to find support, and the Russell is still stuck in its sideways channel.
Manage your trades conservatively. Protect profits as soon as possible.
The markets
The large tech stocks still lead the way, and as I mentioned last week, this is not a broad market rally.
Market Outlook:
The Nasdaq is in an AI inspired frenzy. Indices don’t typically behave like this and at the very least there will be a pause soon. The broad question is how far will AI impact those companies that don’t own the IP to it.
Regardless of that answer, the fact is that there are some high quality setups right now, and the better quality ones are bullish.
Watch the video for more detail.
The Main Indices:
The S&P is poised for a upside breakout.
The QQQ keeps stretching ahead … It’s getting a bit frenzied now, so be prepared for a pause soon.
The IWM remains stuck in a 3-month sideways channel.
Market Timers:
- Longer Term Market Timer (OVIsi): Still half-green and likely to stay half-green this week.
- Medium Term Swing Timer: Bullish.
- SPY OVI: Still not playing ball along with the DIA and IWM. The QQQ’s OVI is bouncy to say the least.
Fast Filters Stock Selection:
As per last week, I’m still covering more bullish stocks than bearish, and the main Big Money Footprints I’m looking for are the OVI, Key Levels, Shrinking Retracements and consolidations.
Here is a smaller list of stocks that look interesting for our consideration. Remember to reference the video so you know what my sentiment is on each one:
ALB ARMK CEG CG CLVT COF COST COTY DAR EBAY EQT EWZ FITB GH GME GS GTLB ILF ING KEYS LAC LTHM NTAP ONON PBR PLUG QCOM RIVN RJF RUM STZ TRU TSVT WFC WMS WOLF
Software Upgrades:
Important design improvements and the new Watchlist upgrade will soon be deployed.
Also, soon the bearish version of Shrinking Retracements will be available in the VIP filter areas. I cannot emphasise how important Shrinking Retracements can be when they are in the right context along with OVI and recent activity near Key Levels.
During the summer we’ll release the new upgraded Journal app with an inbuilt calculator for you to be in control of risk at all times, and there will be also the TV component so you can watch education content beside the chart you’re looking at.
And finally, by the London Stocks Summit in December we should also have our new charts, which will be among the biggest game-changers we’ve ever deployed.
Exciting times!
Stay in touch to discover more as we unveil best-of-breed applications!
Events:
Our events will have a more practical approach moving forward. Our technology will allow this to happen, so you can “learn, practice and apply” all at the same time.
The Stocks Summit in London on 2nd December will be accompanied by huge new releases. We’ll also do a Foundation Day online the Saturday before the big event.
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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.
