Hey, Ross here:
As widely expected, the Fed held interest rates steady yesterday.
Most surprisingly, Powell didn’t screw this beginning rally up – despite doing his best to keep the door open for future rate hikes.
With that said, let’s look at a chart that explains what’s next on the market’s to-do list.
Chart of the Day
Yesterday’s upward market close took the S&P 500 over the 4,200 mark (white horizontal line on chart)…
Which is not only a key psychological level, but also a resistance level formed by the highs of February 2023.
The next on the market’s to-do list is to reclaim its 200-day moving average (red line on chart)…
Something that should be easily accomplished with even a small upward move today.
What’s more important though, is whether the market can sustainably stay above these levels.
If it can, then this rally has an excellent chance…
And we’ll also have a great chance of taking advantage of it.
Insight of the Day
When the market is rallying – you can be sure that many individual stocks are shooting up even more.
The S&P 500 is up nearly 3% this week – its best performance in nearly 7 months…
Meaning many individual stocks are surging far higher than that.
We’re not index fund investors, we’re traders – so those are the exact stock we’re targeting.
We’re looking for stocks that have been trading sideways for quite a while and have now hit their “breakout triggers”.
And the best way to spot these “breakout triggers” is by looking for the source of these breakouts in the first place…
A sudden influx of institutional money.
And we can track when this influx of institutional cash could come flooding in by following select tell-tale signs in the price action…
Something I discovered while working at one of the biggest banks on Wall Street.
I’ve put everything I know about spotting these institutional inflows and using them to ride big stock moves to the top in a complete strategy…
A strategy that you can now get your hands on for just 99 cents by clicking here.
There’s no catch whatsoever…
But we can’t keep a deal like this open for much longer…
So make sure you grab it before it’s gone.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
