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New Market Leaders Incoming?

Published March 11, 2024

Hey, Ross here:

Welcome to a new trading week.

The market is starting to feel “toppy” to me. And today’s chart shows why.

Chart of the Day

Last Friday, market leader NVDA – which has almost doubled over the past two months – saw a -10% intraday move, erasing nearly a quarter of a TRILLION dollars in market value.

That pattern – gapping up to new highs before reversing to close lower for the day – is known as a “downside reversal”.

Other semiconductor stocks, such as AMD and SMCI also saw a similar pattern to close out Friday.

When you see this, especially on above-average volume, it could be a sign that the top is in.

Now, let me be clear – I do not think the bull market is over (far from it in fact).

But I do think we could be seeing a short-term top as market leadership rotates.

And this rotating leadership presents an opportunity for those who know what to look for. I explain more in the Insight of the Day.

Insight of the Day

Rotating market leadership will likely lead to a short-term correction – before a different set of stocks make new highs.

Every bull market has a theme. And within that theme you will find the market leaders.

The leaders of this rally are obvious: Nvidia (NVDA), Super Micro (SMCI), Meta Platforms (META), Microsoft (MSFT), Palantir (PLTR), and maybe a few others.

Right now, I’m seeing clear signs of weakness in these leaders.

We could be seeing a rotation away from the old set of market leaders to an entirely new set.

But because this rotation would mean the old market leaders falling in price, it would also likely lead to a short-term correction – what is known as a rotational pullback.

Don’t worry about a pullback – it’s what’s needed for the market to knock some of the froth off.

Instead, focus on targeting the new set of market leaders as this rotation happens. That’s the opportunity.

That’s why tomorrow at 11 a.m. Eastern…

I’m going LIVE for a masterclass that will allow you to target these new emerging market leaders before they truly take off.

So make sure you click here to secure your spot for my masterclass…

And watch out for the login details in your inbox tomorrow morning.

See you then.

Embrace the surge,

Ross Givens
Editor, Stock Surge Daily

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Ross Givens

I bought my first stock when I was 12 years old. It was Microsoft. I’ve been a registered financial advisor. I’ve worked as a stock broker. I ran a managed fund. I was a Vice President at JP Morgan with Series 7, Series 66 and Series 3 securities licenses. I’ve been featured on Fox Business, CNBC, Bloomberg, and a bunch of other networks. The only thing I enjoy more than making money, is helping YOU make money.

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