WEEKLY GAME PLAN October 16, 2021

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:

  • Scales are tilting toward the bulls on the indexes: Each of the major indexes reclaimed the 50sma last week. Both NASDAQ and Dow put in follow through days and have started uptrends. The other indexes are sideways to sideways + (bullish bias).
  • The New Highs vs New Lows end the week strong. As the indexes picked up steam, so did the new highs being made. For the first time in over a month the NASDAQ saw triple digit new highs. NYSE had 169 new highs on Friday, a level it hasn’t seen in over a month as well.
  • Distribution fell off the count this week. There have only been 2 distribution days over the past 10 days and the S&P 500 and Dow are starting to create some breathing room. Another day or 2 and the count will drop to 1.
  • There are 81 stocks total on the trade ideas list. Mostly B and C level setups. Many of the strongest setups were up and out last week. Seeing a large number continue to setup is encouraging. The relative mediocre quality of the setups tells me to not get too hasty. Patience is key.
  • 6 out of 7 of my open trades are in profit. Quite the turnaround from last week when coming into the weekend only 1 out of 5 were profitable. Sitting was the right move then and we’ll see if it works that way again this week. Most trades had weak closes on Friday. I find it helpful to zoom out to the weekly charts. They tell a different story and from that perspective, the closes were strong.
  • Over my last 10 closed trades, my batting avg is back to 50%.

HOW I’M PLAYING THIS HAND: My 2 favorite setups heading into the week are ABNB and COIN. My game plan for each is outlined in the action list.

Checkout the charts of the indexes below.

MONTHLY CHARTS (indexes) Overcall Direction = Sideways: https://www.tradingview.com/x/ZIdGTH50/

WEEKLY CHARTS (indexes) Overcall Direction = Sideways: https://www.tradingview.com/x/WSiNJreo/

DAILY CHARTS (indexes) Overcall Direction = Sideways: https://www.tradingview.com/x/n2k41eH8/
(on the lower right is FFTY, the ETF that tracks the IBD 50)



 Elite Members go to Elite Training for this week’s topic True Market Leaders (defined)


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

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