Last week’s headline was that the steep bounce would likely be the start of a Santa rally.
After Thursday’s blip (which did not breach the S&P’s 50-dma) Friday responded with real bullish purpose.
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Market Outlook:
Watch the video for more detail.
Last week’s guidance was for a consolidation, perhaps even a pullback (ie. a steep consolidation), and then provided there was no bad news then a Santa rally.
Well, from Monday to Thursday we did get a sideways move of sorts – though it wasn’t classic by any means! And then Friday we started to pull away with anger.
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The Main Indices:
We’ve barely paused for breath for over two weeks, and while Friday was a big bullish momentum day, we will have to take a breather soon before the next push up.
Market Timers:
- Longer Term Market Timer (OVIsi):
Red. - Medium Term Swing Timer:
Bullish. - Index OVIs:
The QQQ’s OVI is going in the right direction and blue. The DIA’s OVI is just about in the blue territory without being convincing, while the other indices OVIs are emerging from red to neutral. That’s not a ringing endorsement of an imminent bull market, but we’ll keep our mind open for now.
Fast Filters Stock Selection:
Many more nuggets today, pretty much all of them bullish. Post-earnings looks promising.
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.
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.
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Software Upgrades:
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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.