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More and More Evidence for the Bounce

Published October 10, 2023

Hey, Ross here:

My short-term thesis for the market is playing out.

And as the Chart of the Day shows, today’s price action could all but confirm it.

Chart of the Day

This is the S&P 500 displaying a classic head and shoulders chart pattern – typically a bearish pattern.

The horizontal white line marks what is called the “neckline”, with the price expected to fall below it after the pattern has been fully formed.

But buyers have stepped in to defend the 200-day moving average (red line).

Now, not only is the market defying the head and shoulders pattern but it’s also on the verge of breaking past the neckline.

Should it be able to do that today, that would be a great sign that the rally will continue.

Insight of the Day

The evidence supporting this market bounce is getting stronger by the day – don’t let it pass you by

Last Friday, a sizzling jobs report caused the market to open lower. But it climbed back throughout the day to end significantly higher.

Yesterday, the market opened lower after the latest escalation in the Middle East created heightened uncertainty and sent oil prices upward.

But once again, it climbed back throughout the day to close higher.

And in the above chart, you can see the market initially falling below the neckline – as expected – before rebounding, with the 200-day moving average serving as support.

The evidence supporting this market bounce is getting too strong to ignore.

That’s why I’m going LIVE right now to show you my top strategy for taking maximum advantage of this bounce…

Especially with the market on the verge of breaking past the neckline.

So click here to join me in the live room now…

And let’s profit from this bounce together.

Ross Givens
Editor, Stock Surge Daily

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