Hey, Ross here:
And as we end the trading week, we can see that there are three support levels that point toward a market bounce.
Chart of the Day
What you see here are three different lines of support for the S&P 500.
The horizontal white line is the 4,200 mark – formed by both the February 2023 highs, as well as being a natural psychological level.
The diagonal white line is the trendline formed by connecting the lows of October 2022 and March 2023.
And the red line is the 200-day moving average – a strong signal of the long-term price trend.
Right now, all three of these levels are intersecting.
This is rare – and one of the reasons why I believe this “triple support” line will hold, and form a foundation for a coming short–term bounce.
Insight of the Day
People often underestimate the profit potential of short-term rallies (and overestimate those of longer ones)
The dogma of long-term buy-and-hold investing is so ingrained in the American psyche…
That most people severely underestimate the profit potential of short-term rallies, because in their minds, it isn’t “permanent”.
My answer is – so what?
Sure, if you buy at the beginning of a short-term rally and then keep holding it even after the rally has fizzled out…
Then you’ll probably be no better off than you were at the beginning.
But there’s no law saying you have to hold your positions through the full cycle…
You can simply get in at the beginning, keep progressively increasing your stop losses, or exit at a preset profit target.
That’s what I would do.
And with the entire market due for a short-term bounce, this means individual stocks could jump even more.
That’s why I’m going LIVE right now to show you my #1 strategy for taking maximum advantage of this potential market bounce.
This strategy has already been responsible for multiple high double – and even triple – digit gains this year…
And you don’t want to miss your second chance before the year comes to a close.
And let’s go after some fast gains while everybody else is running scared.
Editor, Stock Surge Daily