Market Outlook:
I’ve mentioned this a few times over the last couple of weeks, but this week in particular you can easily see how tech is keeping the SPY from sliding.
The DIA – a smaller and more balanced index – and the IWM (a larger index of highly mixed sector companies, have been on the slide while the QQQ and SPY have held up.
And while energy was also helping, over the last week that has pulled back somewhat, leaving tech to prop up the S&P on its own.
We can see it in the Medium-Term Timer. We can see it in the Short-Term Timer. We can see it in the OVI for the indices.
Notable mentions have been IWM and HP on the short side from overbought positions, while several tech stocks – especially the chipmakers – have formed excellent Trend Fade, OVI and Key Level setups that have followed through … INTC, ARM, AMD. And there are others that haven’t yet broken out but look like excellent setups where risk can be controlled.
Our market commentary continues to be outstanding. Mastering market timing enables you to swim WITH the tide at the right time.
Watch the video for more detail.
Market Timers:
Longer Term Market Timer (OVIsi):
Half green.Medium Term Swing Timer:
Neutral.The Main Indices OVIs:
Only the QQQ has a positive OVI.
Stock Selection:
Same as last week in that the first point of order was to review the Sector ETFs for broad market clarity.
This week I’ve also reviewed my new ‘Recent Price Acceleration’ module, which has uncovered some delightfully neat setups, and which will soon replace the Gap formula … This new algo just does it so much better and I can’t wait to share with our VIPs … along with OVI Spike and other upgrades!
Last week I said there was more to come from semiconductors, while energy looked overcooked. That proved to be perfect analysis.
This week, it’s more like semiconductors are doing it on their own, but there does look like there’s more to come.
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