Hey, Ross here:
And let’s look at a positive sign for the markets today.
Chart of the Day
Take a look at what happened with the NASDAQ over the past three days.
First, it closed sharply below its 21-day moving average – even flirting with going below the 50-day moving average.
Then, yesterday, after a host of positive Big Tech earnings, it gapped right back – closing significantly above its 21-day moving average (and near the resistance levels we’ve seen this year).
To me, the initial downward moves look like a failed breakdown – a shakeout that removed some sellers from the market.
These shakeouts are usually followed by sharp moves higher. Pay attention to the NASDAQ.
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
Surprises create quick opportunities.
It was the surprisingly good Big Tech earnings that propelled the NASDAQ sharply upward yesterday.
This was in spite of negative economic data showing that the US economy was growing slower than expected and inflation is still higher than expected.
Now, over the longer term, these signs of lower growth and stubborn inflation could weigh on the market.
But in the short term, we saw that these positive earnings surprises had a far greater impact than the negative economic news.
That’s why I created an entire trading system designed to spot and take advantage of these earnings surprises to target fast gains.
And I’m going LIVE later at 12 p.m. Eastern to demonstrate how this system is working right now in these markets.
Click here to save your seat – and keep a look out for the email with the login details.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
