Hey, Ross here:
Let’s get right into it with an actionable trading idea.
Chart of the Day
A nasty Stage 4 downtrend sent Spotify’s (SPOT) stock down by 80% over the last two years.
But the stock is now trending higher.
After reclaiming its 200-day moving average in January, SPOT has consolidated nicely in the $120–$130 range.
Relative strength is rising, and the stock is finding support at its 21-day EMA (blue line on chart).
The 200-day sloping up is another clue that we could be at the start of a new Stage 2 uptrend.
I took a position in this stock last Thursday. If it falls below $118, I will consider getting out.
P.S. Want me to send you special trade prospects and potential market moves directly to your phone? Text the word ross to 74121.
Insight of the Day
Even the strongest market consensus can sometimes be wrong.
If you follow the mainstream financial media, you’ll have seen them talking about “bond market signals”. This is essentially looking at Treasury yields to gauge what the bond market expects the Fed – and to a certain extent, the economy – to do.
Now, because the bond market is actually far bigger than the stock market, these signals are taken very seriously by analysts.
But they can be wrong – and horribly so.
Case in point – in October 2021 the bond market was pricing the Fed to hike by 30 points and for inflation to be 2% in 2022. It was WAY off.
That’s why it’s so important to be able to quickly adjust to the market’s movements. Not what it “could do” months later, but what it’s doing NOW.
And in just over 2 hours – at 12 p.m. Eastern – I’m going LIVE to show you exactly how you can do that.
Click this link to secure your spot – and I’ll see you soon.
Embrace the surge,
Editor, Stock Surge Daily
P.S. This is probably the LAST time I’ll be sharing this strategy live for months – so please don’t miss your shot. Block off your calendar for 12 p.m. ET later today – and click here to save your seat.