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Our proprietary cycle screens revealed 162 charts that met minimum long term ideal buy criteria last week versus 84 the prior week. There were 128 that met ideal long term sell criteria versus 453 the previous week. This was from a universe of approximately 1500 listed stocks that met minimum price and volume criteria. Non-subscribers, 📩 Subscribe Now and start receiving actionable insights instantly.
This test has a two-week lookback period. Therefore, it has a built-in lag for identifying major and intermediate turning points. That imposes a penalty at such times. Last week looks like one of those times.
126 charts met ideal intermediate term buy side criteria last week. 105 met intermediate term sell side criteria. This test also has a two-week lookback period and therefore also a built-in short-term lag.
Among the major and intermediate buy setups, 12 short term buys triggered and 11 sells triggered.
On visual review I liked 5 of the buys as shown on the table below, but there are two that will only be added if they hit a limit price during the week. I chose one short. Other than as noted, all picks will be added to the list based on the average of Tuesday’s opening and closing prices. Two of the picks will also be added with protective stop prices included.
Meanwhile, last week did not go well as all new picks were shorts. The list had an average loss of 0.1% with an average holding period of 10 calendar days.
Three picks hit stop prices during the week. I’ll drop one more at the open on Tuesday, and add stops to the rest.
