WEEKLY GAME PLAN March 5, 2022

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.

Market Summary


The summary below is my interpretation of the data in the ‘Market Mood Log’ above:

  • Choppy / Bearish Action Re-established: The weekly trends on each of the indexes pushed higher while closing near their weekly lows. This created sideways action with a negative bias. On the daily timeframes, the NASDAQ and Russell 2000 broke short term support areas and established short term downtrends.
  • New Lows picking up again: The NASDAQ ended the week with -214 new lows. The NYSE began hitting triple digit new lows as well.
  • Distribution remains elevated on the Dow: The Dow has had a distribution cluster (4 or more distribution days over a rolling 10 day period) for the past 2 weeks. Every time a distribution day has fallen off, another has been added.
  • There are 38 stocks total on the trade ideas list. Trade ideas are picking up though not much quality… I didn’t see many short-able patterns either in the ETFs I track. Many have already broken down, are extended, with no clear setup. On the flip side, energy, metals, and agriculture continued to rip higher last week and the majority of setups last week produced positive returns.
  • Open Trades: I bought ERF last week. It hit my first scale out and my stop is above breakeven. See ‘open trades’ log for details.

HOW I’M PLAYING THIS HAND: I’m not adding any new trades to begin the week. 3 ideas looked decent (MPC, CNC, and TSCO) but each scored below a 7 on the gauntlet. Given a choppy, weak market, I’m looking for 7s or better.

Checkout the charts of the indexes below.

MONTHLY CHARTS (indexes) Over all Direction = Down: https://www.tradingview.com/x/iyVq6LXx/

WEEKLY CHARTS (indexes) Over all Direction = Sideways (negative): https://www.tradingview.com/x/AUdKfw8V/

DAILY CHARTS (indexes) Over all Direction = Sideways (negative): https://www.tradingview.com/x/KKgzPQBm/
(on the lower right is FFTY, the ETF that tracks the IBD 50)



Elite Members go to Elite Training for this week’s lesson Danger Signal and When To Exit Early (Mike)


Trade Ideas, setups for the week ahead and group discussion (Mike)

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If the market moves against you, you may sustain a total loss greater than the amount you deposited into your account. You are responsible for all the risks and financial resources you use and for the chosen trading system. You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor.
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