Hey, Ross here:
Hope y’all had a great Memorial Day weekend. It may be a shortened trading week this week, but that doesn’t mean there aren’t just as many juicy opportunities for us to target.
I’ll share those starting tomorrow, but first – let’s look at a chart that gives us a small reason to celebrate.
Chart of the Day
The bear market may be over. But this new bull is taking its sweet time to get moving.
The S&P 500 finally closed over the 4,200 mark last Friday – a level which has served as major resistance for over 9 months.
I want to see the 4,200 level flip over and act as support instead.
If that happens, that’s a very strong indicator that the market will keep pushing higher in the short term.
Since it appears the debt ceiling debacle will be resolved soon, I’m hoping this will be the case.
The next level to watch after that will be 4,300 – which were the highs back in August 2022.
If the market can break through that – now we’re talking.
With all that said – don’t let yourself get overly influenced by the broader index (something I’ve always said). Today’s Insight of the Day explains why.
P.S. Would you like special trade prospects and potential market moves sent directly to your phone? Text the word ross to 74121.
Insight of the Day
The direction of the broader index can hide strength or weakness.
Humans are easily-influenced creatures with herd-like behavior.
That’s just the way things are – and why the market often seems so irrational.
Because the index is weighted by market cap, it can hide a lot of the story when it comes to the smaller, lesser-known stocks (which actually make up the vast majority of stocks).
If the index is going down, it can hide the fact that a lot of smaller stocks are going up.
And if the index is going up, it can hide the fact that a lot of smaller stocks are going down.
We’re seeing the latter situation right now.
NVIDIA and other major tech stocks have sent the index upwards, but my watchlist was still showing a lot of red.
The good news is that we can take advantage of the situation by targeting high-quality stocks that are pulling back.
That’s why I’m going LIVE in a couple hours at 12 p.m. Eastern today to show you my time-tested strategy for doing so.
Just click here to save your seat (or enter the room if it’s already time)…
And get ready to seize the many opportunities that are out there right now.
See you soon.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
P.S. I’ll also be unveiling a very special Memorial Day “blowout” during this live session – so make sure you don’t miss it. Here’s the link to save your seat again.
