First, a very Happy Christmas to you and your loved ones, from me and all the team at WiseTraders.
A quick note for Summit VIPs, the videos have all been chopped up into their chapters for your viewing convenience, so you can focus on any area you like in just a click.
As per that event and our webinar the other day, practicals will now be a dominant theme for our Masterminds, events and webinars moving forward.
We’ll do a lot more of it in our Orlando Options Bootcamp in April.
Last week I mentioned the early signs of market exhaustion were apparent, and we got more this week … BUT we absolutely need confirmation before we can confidently call a pullback.
Also, a quick reminder …
** Very soon, these Market Reviews will change. Please keep an eye out for this in the next couple of weeks. **
See below for the Market Outlook.
How to Watch This Video
- 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”
If you have multiple screens, you can pop out the video by mousing over the video itself where you’ll see a “picture-in-picture” icon, and if you only have one screen you can watch it next to the charts or maximize the video window to full screen. That’s your choice!
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.
Watch the video for more detail.
So we’re getting early warning signs such as price overextension, gapping and monorail bars but so far no confirmation as the market continues to display extraordinary resilience.
As I said last week, what this means is that there are fewer high quality opportunities around our favoured Key Levels, so if you haven’t participated in this run, don’t worry, there will be plenty of chances in 2024.
My expectation from here is that when a market high does get confirmed, it will be followed by a retracement down to a Key Level or thereabouts, which will then give us further opportunities.
The expected retracement will likely be lesser in percentage terms than previous downward retracements since July, and that will set the scene for a large number of bullish Shrinking Retracements setups.
I expect this scenario to materialise during Q1 of 2024.
So, as with the last couple of weeks, resist the urge to chase overextended issues. Stick to the plan we talked about at the Stocks Summit. It’s serving our members brilliantly, as recounted by so many members who have transformed their own performance by following our method and using our wonderfully focused time-saving tools.
The Main Indices:
The indices had a wobble with monorail bars on Wednesday but showed resilience by consolidating on Thursday and Friday. They still look strong but they are overextended so don’t chase. As ever, look to protect your profits early.
- Longer Term Market Timer (OVIsi):
- Medium Term Swing Timer:
- Index OVIs:
The SPY, QQQ, DIA and IWM have positive OVIs.
Fast Filters Stock Selection:
Lots of consolidations this week … the question is what kind of quality.
Remember, 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. The bullish Shrinking Retracements are still quite scarce right now, but after the next meaningful pullback (and subsequent bounce), they’ll start to populate again.
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. **
The new charts are our priority for our next piece of development so we can have a link to a broker platform. It looks like we’ll be able to package orders from our journal app to make life much easier for you.
A further journal app upgrade and calculator will go after that.
Also, the full mobile phone (portrait) optimization is on the docket. Lots to do!
Many more game-changing upgrades will be made in time for the Orlando Options Bootcamp on April 20-21.
Stay in touch to discover more as we unveil best-of-breed applications!
Our Options Bootcamp in Orlando on 20-21 April will be the most practical ever, with around 20 exercises and with the most bonuses ever.
Like we just did in London, 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. These practicals will involve all the options strategies covered, with each one taking only a few minutes to complete. This will give you the confidence to use our options tools to their maximum potential while saving you huge amounts of time.
The Stocks Summit recordings are all 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.
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.