In a short space of time the market is now suggesting it wants to be bullish into earnings and the election. I see a change in the outlook for many stocks and the indices too.
We’re not talking massive confidence due to the highly news-driven nature of this particular point in time, but you can easily see how things have changed over the last couple of weeks.
- The 200-dma break count has changed dramatically to bullish.
- Bullish OVI counts have increased.
- The indices are exhibiting short-term reverse head and shoulders.
This rather quick development serves to reinforce how important it is to keep in touch with the market, even if it’s just for a few minutes on a regular basis. That’s why “Routine” is an important part of my WiseTrader Routine.
A couple of admin notes to add this week:
- For some reason many stocks have not yet announced their official earnings dates, but they should be within the next few weeks. To approximate, add three months to the previous earnings date. Don’t get caught out by not knowing when earnings will occur for any stock that you might trade.
- There are some ongoing anomalies for some users with the Chrome browser, which I’ve also noticed with other third party application websites, so it’s not just us! If you have any such issues, close the active tab and start a new OVI session. In extreme cases you may have to restart the browser. Other browsers are not having the same issues, so by all means try FireFox or Safari.
- In the next few days I will be releasing the new Fast Filter in FlagTrader to reflect the Four ‘Big Money Footprints’. This is a game-changer that you’ll also be able to adapt.I’ll also be releasing the new VIP TradeFinder which has all the continuation, earnings and reversals filters in one place in the Workshop area.
In today’s OVI Market Review we’ll see plenty of stocks now setting up in a bullish pattern.