Last week I said that Thursdays’ bearish monorail bar made an imminent pullback more likely, and so it has proved.
I had also mentioned over the previous couple of weeks that volatility was likely to increase, and that also happened.
Regardless of what you see in the news, or what you read in forums or chat rooms, try to ignore the noise and interpret what you’re seeing instead.
The Big Money Footprints give you this. Shrinking Retracements are giving us an even bigger edge on top of the OVI and the others.
It’s a truly beautiful system, and this past week we deployed more beautiful tools, particularly in the Watchlist area.
Market Outlook:
A meaningful retracement would be down to the 50-dma, and I think that’s a possibility.
Watch the video for more detail.
The Main Indices:
The S&P is finally pulling back and has breached its 20-dma.
The QQQ has also breached its 20-dma, and is potentially consolidating right underneath.
The IWM remains overbought and is looking more ragged by the day.
The DIA is just touching its 20-dma, and looks like it has vertigo.
Market Timers:
- Longer Term Market Timer (OVIsi):
Still full green but if the indices continue to wobble it’ll go half-green next week. - Medium Term Swing Timer:
Just creeping into bearish territory, but certainly not oversold. - Index OVIs:
The SPY is slightly negative. The QQQ’s OVI is unambiguously negative. The DIA is neither one thing nor another, and the IWM’s OVI is slightly positive.
Fast Filters Stock Selection:
Again, fewer nuggets, but a few nevertheless.
Today I’ve done most of my filtering near the Key Levels.
Here is a smaller list of stocks that look interesting for our consideration. Very soon I will only post this in our new Expert Watchlists area, so you’ll have to log in to see it. Remember to reference the video so you know what my sentiment is on each one:
ABBV ACDC BPT BYND CINF CMCSA DIA DUOL EPAM HP LULU MRK ROL TER WAL WRK
Software Upgrades:
This coming week we’ll be tidying up some formatting and the newly deployed Watchlists area. We’ll also look to deploy the Shrinking Retracements as TradeFinder filters in VIP areas in their own right.
The Journal app calculator and embedded TV will follow in September/October.
Then the charts upgrade and by popular demand, the broker API.
So, many game-changing upgrades will be made in time for the London Stocks Summit on December 2nd.
Stay in touch to discover more as we unveil best-of-breed applications!
Events:
Our Stocks Summit in London on 2nd December will be the most practical ever, and with the most bonuses ever.
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 include Market Timing and specific stock strategies, and will only take 15-minutes for you to complete. This will give you the confidence to use our tools to their maximum potential while saving you huge amounts of time.
We’ll have the Foundation Day online the Saturday before the big event so we can focus on more of these practicals during the 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.