WEEKLY GAME PLAN October 23, 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:

  • Predominantly uptrends on daily / weekly timeframes: Only the Russell is still clearly moving sideways on the weekly time frame. On the daily, the NASDAQ has shifted to S+. The others S&P 500, NYSE, and Dow have pushed into fresh highs.
  • New Lows pick up on the NASDAQ: I think its odd to see the number of new lows on the NASDAQ jump to -73 on Friday especially given the price action on the index as well as the dry up in new lows it had seen throughout the week. This is my primary reason for shifting back into a yellow condition after being briefly in a green condition on Wednesday and Thursday.
  • More distribution fell off the count this week. There has only been 1 distribution day in the last 10 days on the S&P 500 and 2 on the Dow.
  • There are 66 stocks total on the trade ideas list. There’s 1 A level trade. The rest are mostly B and C level setups.
  • 9 out of 9 of my open trades are in profit.
  • Over my last 10 closed trades, my batting avg is back to 50%.

HOW I’M PLAYING THIS HAND: The jump in new lows on the NASDAQ has me slightly cautious. I’d like to see that correct itself before switching back to a green condition. It’s possible for it to switch back to green w/in 2-3 days. Being that the majority of setups are B and C level, I’m being fairly selective. To begin the week, I’m placing orders for DAVA and WRBY both of which I feel strongly about. Others which are decent but have some flaws such as a relatively wide stop or minimal layers of confluence I’m passing on. With the largest number of holdings I’ve had all year, its possible add-on buys may develop mid-week and I’d like to hold some capital for them.

Checkout the charts of the indexes below.

MONTHLY CHARTS (indexes) Over all Direction = Sideways: https://www.tradingview.com/x/QcbtV111/

WEEKLY CHARTS (indexes) Over all Direction = Up: https://www.tradingview.com/x/qvVKLWrY/

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



 Elite Members go to Elite Training for this week’s topic Stochastics, what it actually shows, and using it to your advantage (Stu)


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

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