A big thanks to everyone involved in our wonderful Orlando Bootcamp last week!
It was a special event, and next year we’re looking for a new venue, with the early running being on … MEXICO!
One of the big innovations we started to roll out was our TradeFinder filtering directly from the charts, as well as the ability to analyze any options trade there too.
The amount of time this saves is extraordinary, and should be used to focus on quality, not quantity of trades.
It also enabled us to spend more time on practical exercises. For all events moving forward I anticipate a 50/50 split between learning each strategy and then doing practicals to find and analyze trades.
Over the next few weeks we’ll be deploying further upgrades and fixes to complete all this to its optimal capability. Plus, we’ll be deploying the brand new education suite that has been two years in the making. Here you’ll be able to cement your knowledge with state-of-the art fun learning tools – including quizzes! – all at your own pace.
Onto the markets …
So, we’re in the thick of earnings, and as I started my review this week ahead was all looking a bit sketchy … until I progressed onto my post earnings and Shrinking Retracements filters.
Directionally we’re still looking a bit ambiguous right now, but there are a few decent individual setups that we can look into more closely.
As I mentioned a couple of weeks ago, my expectation is that this market pullback will NOT turn into a capitulation. I suggested 5-8% from the peak, and we’ve already hit that range.
As I also mentioned, the IWM was likely to have the steepest pullback, and it is, having retraced about 10% from the peak while the QQQ took a 9% hit and the SPY and DIA around 6%.
The indices are by no means out of the woods yet, so much will now depend on how earnings plays out.
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
** These Market Reviews will change soon. Please keep an eye out for this in the coming weeks. **
Market Outlook:
Watch the video for more detail.
Technically, the indices look vulnerable, but individual earnings have so far been reasonably encouraging. Each index has breached its 50-dma and is hanging in no-man’s land between that and the 200. The outcome is either a recovery or waterfall. Some sideways chop is more likely.
Right now I’m minded to focus on individual post-earnings scenarios where the stock has tipped its hand as to most likely direction.
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:
All the indices are below their 50-dmas but haven’t got near their 200-dmas.
As I’ve said many times, the IWM will typically show more profound weakness earlier than the others. To that end it’s already down around 6.70% from its peak, with the DIA down 5% from its peak. The SPY and QQQ are not even 3% lower than their peaks … yet.
Keep sticking with our game plan of AAA setups near Key Levels.
Don’t get distracted by missed opportunities.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Bearish. - Index OVIs:
Pretty much all in the red to varying degrees.
Fast Filters Stock Selection:
This week I’ve focused on post-earnings setups exhibiting OVI, consolidations near Key Levels and Shrinking Retracements.
Remember a chart needs to have the right qualities in order for you to consider trading it.
Pick your game and stick to the best quality setups that conform to it.
My game 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 big thrust to get all TradeFinder activity directly from the charts. We’ve seen how powerful that can be moving forward.
Then journaling from the charts to 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 will soon be 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.
