Of the four main indices, only the QQQ made a temporary new high last week, with the DIA and IWM pulling back to their 50-dma’s and the SPY to its 20-dma in a week whose untidiness was anticipated.

This generally means you must be ultra discerning and protect profits early as per our EDGE trade plan.  

See below for Market Outlook.

Market Outlook:

Our market commentary continues to be outstanding. Mastering market timing enables you to swim WITH the tide at the right time.

If you look at the OVI Dashboard pies, the pre-earnings sentiment looks 3/4 bullish, but the post-earnings reality has been more mixed at 50/50.

This reflects the general untidiness out there. As I mentioned over the last two weeks, I would continue to be cautious with pre-earnings setups, and focus on our favored post-earnings setups as and when they occur.

Watch the video for more detail.

Stock Selection:

With the new filters being deployed I’ve been able to be super efficient with my stock research, and will soon update my Fast Filters.

Specifically, I’ve made use of the new filter that highlights stocks within an ATR range of our Key Levels.

I’ve also been able to look for overbought issues using another new filter highlighting stocks beyond an ATR range of our Key Levels.

With new constraints I’m able to speed up my processes if I choose to.

At the London event we’ll go through exercises where we can use the filter combinations to highlight great setups and save time.

This week I went through my static watchlists and manually adapted my Fast Filters. During the last two weeks, it had felt challenging to find plum setups near our favoured Key Levels. That told me that conditions were likely to be choppy – which they were!

This week it was easier, partly because I was playing with the new filters, though many decent looking setups are qualified as earnings on those stocks are due in the next week or two.

Pick your playbook and stick to the best quality setups that conform to it.

My playbook is OVI, near Key Levels, Shrinking Retracements, and a consolidation/sideways move.  The other two Big Money Footprints are highly desirable but those four are essential to me! With my new VIP filters, I’m also now looking more at overbought and oversold issues.

Video Length: 00:47:46

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