Another spot-on market call last week. Today we are much closer to a short-term oversold situation.
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Again, I’m putting today’s reviewed stocks into my (Guy’s) Expert Watchlist area. That means the big list and the more condensed list.
Now for the markets …
Last week’s guidance was bearish and the market responded again.
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This coming week I would expect a slow-down at some point. If not around this level, then at 4000-4050 for the S&P (400-405 for the SPY).
Remember what I said last week:
“If earnings is weak among the big giants, a continued downdraft followed by a retracement and waterfall is a likely scenario.“
Well, the continued downdraft did happen, and the next phase is the retracement and possible waterfall thereafter.
Again, be super fussy and be happy to be patient. Trading mistakes often come through a lack of patience.
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A slowdown of this recent downdraft is likely as described above.
Watch the video for more detail.
The Main Indices:
The SPY is looking close to being oversold as it has shot past its 200-dma. The QQQ looks like it wants to rest on its 200-dma. The DIA and IWM also look oversold in the short term.
- Longer Term Market Timer (OVIsi):
- Medium Term Swing Timer:
Bearish and slightly oversold.
- Index OVIs:
All indices have negative OVIs, but you have to take into account that they’re looking oversold.
Fast Filters Stock Selection:
Again, we’ll be light on nuggets this week, so focus on those high quality setups near Key Levels, or even just watch the fun unfold.
Of all the Big Money Footprints, the three most important are OVI, Shrinking Retracements, and Key Levels. The others are also very helpful, but those three are the ones I look for first in the VIP section.
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.
** Very soon I will only post this 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 so you know what my sentiment is on each stock listed. **
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Many more game-changing upgrades will be made in time for the London Stocks Summit on December 2nd.
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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.