Friday epitomized the resilience of current market conditions as the S&P recovered to close near its high for the day.
But overall the quality of setups that I’m seeing is quite low. That can happen after a good run, such as the one we had from the beginning of January, so be patient as the market regroups.
Right now it looks like the broad market will drift back (to Key Levels) rather than nosedive. Much as I said last week.
Energy stocks may be an exception, and Gold stocks also have hit the buffers as we strongly suggested they would.
Market Outlook:
As per last week. Likely to continue its pause, and perhaps slide further towards the big Key Levels.
Watch the video for more detail.
The Main Indices:
The SPY showed some fighting spirit on Friday but it’s likely to hit its 50-dma before it makes a new high .
The QQQ is likely to drift to its 200-dma (and perhaps lower) before making new highs.
The IWM is showing remarkable resilience, but is likely to emulate its more illustrious index rivals.
Market Timers:
- Longer Term Market Timer (OVIsi): As predicted, it has remained half-green and will continue this week.
- Medium Term Swing Timer: Just positive, likely to flirt with a negative reading this week.
- SPY OVI: Choppy and wobbling like last week.
Continued sideways to lower movement looks most likely.
Fast Filters Stock Selection:
The last two weeks are less “nuggety” … first due to many stocks having been overbought. Now it’s more that they’re still trying to find a base. My guidance to ‘not chase’ will keep you safe time and time again!
Here is a smaller list of stocks that look interesting for our consideration – remember to reference the video so you know what my sentiment is on each one:
AAPL AMKR AU AXP BP CME COP COST CPRI CRUS DE FNV FUTU GPN GTLB HDB HP HUBB LHX LMT LU MDLZ MSI NRG PEP QCOM SEE SLB VMW WELL WMT WST WWE WYNN
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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.