Many swing traders think of stock screener software only as a way to help them quickly find the best stock trade “setups” meeting specific technical criteria. Indeed, that’s what our stock and ETF screener is primarily designed for as well. With the simple push of a button, traders are instantly provided with a list of stocks and ETFs that are poised for Potential Breakout or Pullbacks. However, what you may not have realized is that our technical stock and ETF screener is also quite useful as a barometer of overall market health, which assists in having proper market timing.
Whenever a large number of tickers are returned after doing either a Potential Breakout or Pullback scan, it indicates we are dealing with a healthy market possessing a lot of stocks that are poised to break out to the upsdie. However, if our daily scans start returning us a substantially lower number of results for potential trade entry, it is a very reliable indicator that the market’s health is deteriorating. Therefore, even if you are not using stock screening software to find individual ETF and stock trade ideas, merely doing scans on a regular basis and noting the number of results returned from our preset scans is a good way to make sure you’re not aggressively long at the wrong time in the market, or too lightly exposed when the market is actually acting strongly.
In the 3-minute video below, we demonstrate how our preset stock screener can be used as an indicator of market timing. Press the “play” button to watch the video below (click the icon on bottom right of video player to view in full-screen mode for best quality):
Click here to try out our (presently free) stock screener shown in the video
As you can see, our end-of-day technical stock screener is your “turn key” solution for quickly scanning thousands of stocks and ETFs in the market every night, and immediately finding the strongest buy (or short selling) candidates. Our stock scanner is free and presently requires no registration, so give it a try by going to http://screener.morpheustrading.com. You will love that it requires no programming skills and is extremely user-friendly, yet quite powerful. Enjoy and good trading to you!
If you have already tried the stock screener, how did you like it? Do you have any suggestions for tweaks or additional feature requests? Please leave us any comments below.