Hey, Ross here:
As expected, it was a quiet session in the markets yesterday with most investors on a “wait and see” mode ahead of the Fed’s meeting, which starts today.
And today’s chart – which I also shared last week – is a reminder that the new direction of the markets will likely soon be clear.
Chart of the Day
That’s the S&P 500 forming the classic pennant pattern…
And it shows “pressure” building in the markets for a new meaningful trend to appear.
Now, generally speaking, a pennant signals the continuation of the previous trend – which in this case, is upward.
It all depends on what the Fed does. Powell could still screw it all up.
But even if he does – there are still ways we can take advantage of it.
Insight of the Day
Sectoral trends matter more than broader market trends.
In the last uptrend – aka the first seven months of 2023 – tech stocks led the way. Other sectors, such as energy, faltered.
In the last downtrend – aka 2022 – tech stocks took a major beating, while energy stocks thrived.
The takeaway is this – pay more attention to sectoral trends than broader market ones.
Of course, it’s important to understand where the broader market is going.
But for traders like us who target fast profits – understanding sectoral trends is what will allow us to profit no matter what the broader market is doing.
That’s why I’m going LIVE right now to explain what trends I’m seeing right now – and showcase my top strategy for exploiting them.
This strategy has already been responsible for multiple fast triple-digit winners this year…
And I know it could just be the start.
So click here to join me in the live room now…
And I’ll see you inside.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
