Welcome to the Weekly Game Plan! The 'MARA Lists' are updated in real-time. The 'Market Summary' is provided weekly. The 'Deep Dive Video' is the recording of our weekly Trading Prep DEEP DIVE.
MARA List
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Market Summary
MARKET MOOD:
The market is in a pretty interesting spot. Overall, the market is in an uptrend across the board on monthly, weekly, and daily timeframes. The only holdout is the Russell 2000 which is moving sideways but tightening up. On top of that, there are more stocks setting up in the Universe List now that are tight and compelling than we’ve seen in about 2 months.
Part of the reason why these market conditions are so interesting is because when conditions have gotten like this in the past after a choppy market (see Aug-Nov 2020 for similar price action on the indexes), the market went on to sustain a meaningful uptrend for another 3 months. We’ll see what happens from here and if a sustainable uptrend develops.
With so many stocks setting up (36 on the trade ideas list) and many of them potentially strong, I really wanted to scrutinize the ideas and find the top tier setups. For me, those ended up being SI and SSTK. I’ve outlined the trades in the action list but to summarize why I like these 2 in particular, it has to do with heavy volume on the weekly timeframes, a dry up in volume on the right side of the base, strong relative strength (a sign of market leadership) and fund ownership continue to ramp up.
Checkout the charts of the indexes below for a closer look at the action.
Best Selling Author – Trading Coach – Creator of the Trade Gauntlet – Founder of MaraWealth.com
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