Last week I said:
“The S&P Medium Term Timer is now firmly oversold, so I would imagine we’ll get a more solid consolidation now. Ideally the beginning of a waterfall … up to the 50-dma and then back down again … or is that too much to ask for?!”
Well, we got the pause up to the 50-dma. We got the immediate reaction off it … But what now?!
The S&P Medium Term Timer has emerged from being oversold to just bearish. Thursday’s bearish monorail bar suggests further lows in due course. Friday’s fightback suggests short-term scrappiness around these levels. The next couple of bars should be informative.
If you can combine good timing with cleaner market action so much the better.
The regional banks, financials, industrials, tech, semi-conductors, real estate, consumer discretionary and materials sectors look vulnerable, while oil & gas energy and healthcare, look defiant.
Watch the video for more detail.
The Main Indices:
The S&P has bounced downwards off its 50-dma, and looks like it will get messy.
The QQQ – same as the S&P.
The IWM is resting at its 200-dma, which is exactly what I suggested it would do last week.
The DIA is also resting as suggested, though this one is below its 50-dma.
- Longer Term Market Timer (OVIsi):
Half-green and could have a few wobbles in the coming weeks.
- Medium Term Swing Timer:
Bearish but no longer oversold. Not much wiggle room in the non-oversold bearish zone of this indicator, so likely to flirt in an out of bullish and oversold.
- Index OVIs:
The index OVIs are all pretty bearish, with the DIA being the least bearish.
Fast Filters Stock Selection:
Definitely light on nuggets this weeks, so focus on consolidations near 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. Market Timing will also go inside a login soon. Remember to reference the video so you know what my sentiment is on each stock listed:
ABT ACGL AMD ATKR CCL CHD CRWD CSCO DE GNS INTC MDT MSFT OZK PHM PLTR QQQ QRVO RCL USB
Some further cosmetics to be released soon, and it’s now full speed ahead for the TV channel.
Then the Journal app calculator. Then the charts upgrade, the broker API by popular demand, and also full mobile phone optimization. Lots to do!
As I mentioned last week, I’m also going to tweak the pullbacks algos to allow more to be in those lists.
Many more 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!
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.
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.