Please ensure you keep getting my reviews and communications by being in our Telegram channel here.
https://t.me/wisetradersovi
Also, keep an eye out on further upgrades coming your way soon, and an important training session I’ll be giving this Thursday.
The markets …
So, last week I made reference to a mixed bag.
That would be more accurately described as a lopsided market, dominated by tech and AI related stocks.
Most sectors fared poorly last week, but Tech is a veritable juggernaut that has so much global scalability, it can prop up the rest.
Over the last several weeks I’ve mentioned how broad conditions haven’t been optimal and that a general untidiness was to be expected.
That’s exactly what’s happened, and today I show how so many stocks have behaved in an inconsistent fashion, accentuating why we absolutely need to prioritize super neat Big Money Footprint setups near Key Levels.
Nearly all the Tech super gainers originated from such setups, and it’s much more difficult to chase them once they’ve flown the Key Levels nest.
As with last week’s viewpoint, the IWM looks weak, and compounded that view by some truly ugly behaviour over the past five days.
You really do have to pick your battles carefully … this is a mucky battlefield of a market, with a few high risk opportunities that could pay off big time, but within the context of a large hail of bullets to dodge.
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.
Last week I said the SPY and QQQ were somewhat extended but still with upside potential. That happened, and looks like a similar picture for this week.
I also said the IWM looked weak. That happened too!
And I said the markets would continue to be inconsistent and ragged, while AI driven tech stocks remain flavour of the month. That’s also exactly what happened!
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 and QQQ could still benefit from a pullback, both being extended from their 50-dma which is very extended from the 200-dma.
The DIA and IWM both faked upside rallies before pulling back down below their 50-dmas. The IWM looks weaker in the short term.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Bullish and not overbought. - Index OVIs:
Only the IWM has a red OVI right now.
Fast Filters Stock Selection:
Like last week, not much out there of real AAA 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.
Watch today’s market review inside the members area here! To the left is the Watchlist area. To the right is the TV area.
—
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.
