Well there are two ways we can look at the indices, yet at the same time as we get into earnings season, many leading stocks are forming very constructive patterns.
QQQ
The OVI has been stuttering on this one, but there is a cup and handle of sorts forming here. Look for a break of the upper trendline of the handle formation and then a break past the recent highs along with the OVI turning positive.
SPY
Similar to the QQQ with the same sentiments.
DIA
Same again for the Dow … this one’s OVI is often more bullish than the other two main indices.
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Now for some stock highlights for PTC Members only. Only my Private Traders Club Members will see these following charts.
AAPL
Going very nicely since the OVI turned up … earnings on Tuesday after the close, so be careful.
AMZN
Needs to rise towards its highs to start being interesting again. The OVI needs to cooperate too.
ANF
It’s a great pattern even if the OVI is a bit dead!
BAC
Wow, this has been such a dog and the OVI has been negative for so much of the run down …
BIDU
Ready to break out soon … OVI is with the force .. .
CVX
Decent pattern and OVI still positive
GOOG
OVI had turned positive (apart from just one day) as the flag formed pre-earnings. We made a good call on Thursday last week with this one!
Many other stocks in the OVI Liquid Stocks charts are looking good for rises this week. Make sure you know when the earnings dates are though. Remember, it only takes a few minutes to go through these.
Here’s another one from a flag scan outside of that list – if you have FlagTrader it’s very easy to scan for stocks forming flags (and with positive OVIs too if you like).
TZOO
Great pattern and something’s going on with the OVI for sure.
Earnings is now in full swing so be prudent about checking for the dates of your stock picks.
More soon.
All the best
Guy