Hey, Ross here:
Welcome back to a new week – and new highs.
This was probably the fastest V-shaped recovery we’ve seen recently…
So it’s no surprise people are doubting the rally.
But as today’s chart shows – the strength beneath the surface is real.
Chart of the Day
This chart is the TICK Index.
It measures how many NYSE stocks are trading on an uptick minus how many are trading on a downtick.
An uptick means the latest trade happened at a higher price than the previous trade.
A downtick means the latest trade happened at a lower price than the previous trade.
So the TICK Index tells us whether buyers or sellers are in control beneath the surface.
And last Friday, the TICK Index never went negative – not once.
According to Bloomberg, that has never happened before.
That means at no point during the entire session did sellers take control across the NYSE.
That’s more than just normal buying pressure.
That’s a broad, persistent bid under the market.
And it lines up with what we’ve been seeing for weeks – with nearly four straight weeks of net new highs.
So, yes people can doubt this rally all they want.
But the data is saying something very clear…
The buyers are in control.
And yet – there’s a good chance the rally could stall out soon.
But as I explain below, I’m actually looking forward to it.
Insight of the Day
The next pause will actually be an ideal positioning opportunity.
After a move this fast, the market probably needs to breathe.
So if stocks stall here…
Or pull back for a few days – or even weeks…
The doubters will come out immediately.
They’ll say the rally was fake, that it was a “bull trap”.
Let them.
Because normal pauses after sharp rallies are not bearish.
They’re how the market digests gains.
They shake out the late buyers…
Reset the charts…
And create cleaner entries for the next leg higher.
That’s why the next pause will likely be an ideal positioning opportunity.
But here’s the thing…
Some stocks are already doing this ahead of the market.
They bounced hard off the lows…
Then started stalling out near resistance…
Building quiet but strong bases while everyone else argues about the headlines.
Those are the setups I want to be targeting right now.
I’ll be sharing my #1 strategy for doing that tomorrow morning.
But for today, let me ask you this…
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Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
