WEEKLY GAME PLAN September 18, 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.
MARA List

Market Summary

MARKET MOOD: RED

The market is still in a red condition. What makes it interesting this week is the dichotomy that’s happening. The action on the indexes is predominantly sideways and choppy. Stocks on the other hand are moving pretty strongly in both directions. I think that’s we’re seeing this tug of war play out on the indexes in this sideways chop. OPNT and INTA are good examples from last week’s Trade Ideas List.

Here’s a summary of what I’m seeing presently:

  • Major indexes choppy and sideways: The major indexes are testing intermediate levels of support. FFTY, the etf that tracks the IBD 50, on the other hand is actually rebounding and breaking out. I think we’re seeing that in the stocks that are setting up and breaking out.
  • The New Highs vs New Lows list choppy. Last week the number of new lows began outpacing the new highs on the NASDAQ on Tuesday and Wednesday.
  • Distribution Days are on the rise. The S&P 500 picked up 2 more distribution days and now has a distribution cluster. The Dow picked up another distribution day as well and has been trading under its own 50sma for a week.
  • There are 62 stocks total on the trade ideas list. The list of stocks setting up continues to grow. This week we’re starting out with 23 on the focus list and 39 that are in the neighborhood. Last week about half finished positive on the week with some big runs like OPNT +25% and some big drops like INTA -18%.
  • 1 trade open and in the red. I opened a trade in ZI on Friday. It closed below my buy point but closed off its lows. Its a small 1/4 position. Given the chop, my plan is to be selective and to trade lightly.
  • 4 of my last 10 trades were winners. This is within my historical batting avg of about 40%.

HOW I’M PLAYING THIS HAND: As of this writing, I’m placing an order for STAR 0.25% capital risk. See the action list for the gameplan/notes. I’m also planning to add up to 3 additional trades this week up to 1% total risk exposure. Check the action list and Discord to stay up to date.

Checkout the charts of the indexes below.

MONTHLY CHARTS (indexes) Overcall Direction = Sideways: https://www.tradingview.com/x/VpPEfq7g/

WEEKLY CHARTS (indexes) Overcall Direction = Down: https://www.tradingview.com/x/Nup5pQPp/

DAILY CHARTS (indexes) Overcall Direction = Sideways: https://www.tradingview.com/x/eAh7qScU/
(on the lower right is the image of stocks hitting new highs vs new lows on the NASDAQ & NYSE)

MARKET MOOD REVIEW

Post Analysis of Recent Trades

 

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