Last week’s headline was “NVDA takes a breather and the market could follow”.
That was a pretty spot-on headline as that’s exactly what happened.
It’s now increasingly likely that the market will continue to take a rest, with new recent highs being less likely.
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How to Watch This Video:
The best way to watch this video so you can flip through the charts at the same time:
- 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”
- Play
** Soon, these Market Reviews will change. Please keep an eye out for this in the coming weeks. **
Market Outlook:
Watch the video for more detail.
Energy stocks have been strong, but not weighted enough to prop up the rest of the market.
There are still many overbought stocks, which need to pause, while the number of really great quality bullish setups is low.
Energy stocks have reacted as anticipated, and are likely to provide more upside after their next pause.
Last week I gave a neutral forecast pending the reaction from Nvidia’s blow off. This week I’m more confident of new highs being unlikely. If they are breached in the short term, I would be surprised if they held.
As ever, in the meantime, just trade what you see, and don’t try to preempt anything.
Our market timing is a real strength. Being good at market timing enables you to swim WITH the tide. It’s a crucial skill set which we’ll include in the practical exercises at the Orlando Options Bootcamp in April.
The Main Indices:
In the early phases of taking a rest.
Make sure you protect your existing profits and any new profits early.
Keep sticking with our game plan of AAA setups near Key Levels.
Don’t get distracted by missed opportunities.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Heading lower almost into bearish. - Index OVIs:
SPY and QQQ wobbling into red. DIA and IWM likely to follow next week.
Fast Filters Stock Selection:
As I look at the “more interesting” stocks we’ve looked at recently, they have overwhelmingly moved in the right direction.
This week I’ve focused on proximity to Key Levels with OVI and other Big Money Footprints in evidence. I also looked closely at Post Earnings setups. When you look back at the charts, you can see so many great moves originate from an initial earnings reaction.
Remember a chart needs to have the right qualities in order for you to consider trading it.
Pick your game and stick to the best quality setups that conform to it.
My game is OVI, near Key Levels, Shrinking Retracements, and a consolidation/sideways move. The other two Big Money Footprints are desirable but those four are essential to ME!
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.
** The list of stocks is 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 commentary so you know what my sentiment is on each stock listed. **
Software Upgrades:
The new charts have been released with some new functions also being deployed inside them, including a few indicators. Over time we’ll add indicators to them – even though I personally won’t use them.
In time for the Options Bootcamp we’ll also be adding the Fast Filters TradeFinders to the charts. Imagine that … You’ll be able to filter for stocks and options from INSIDE the charts! Following that:
- A link to a broker platform from the enhanced Journal app directly from the charts to make life much easier for you.
Imagine knowing if an options trade is in line with or violates your stated risk parameters!
We’ve already built the calculator engine, it just needs to be deployed. - More indicators to choose from inside our OVI charts …
Not so much for me personally, but I know many members do like to play!
Also, the full mobile phone (portrait) optimization is in the plan for the summer. Lots to do!
Many more game-changing upgrades will be made in time for the Orlando Options Bootcamp on April 20-21.
Events:
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.
Watch today’s market review inside the members area here! To the left is the Watchlist area. To the right is the TV area.
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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.
