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Resistance Broken

Hey, Ross here:

Welcome to a new trading week.

It’s a bad time to be bearish…

 So let’s look at a chart that shows why that is the case.

Chart of the Day

The S&P 500 is on a six-week winning streak – and just broke through the 4,600 resistance mark to hit a new high for the year.

 Meanwhile, market breadth remains solid, with 74% of stocks now trading above their 50-day moving average…

And Bitcoin continues to post solid gains – breaking out of a textbook consolidation pattern – showing that the market mood is quickly shifting to “risk on”.

I’m not a bull or a bear – I just follow what the market is doing and look for the opportunities that are always there.

But right now, it’s a bad time to be bearish.

Insight of the Day

Reading and interpreting charts = market-crushing results.

Every so often, I need to remind people that we are traders, not investors.

I’m not Warren Buffett looking for stocks to hold for 40 years. Where the price is at some date years in the future is not my concern.

I want to make gains now. I want to be in the stocks being actively bought by institutional investors that can deliver big profits in weeks and months, not years and decades.

Take a look at these two charts:

Notice the pattern of progressively shallower pullbacks right before a big price move up.

That usually indicates the big institutional investors are quietly building positions in those stocks…

Which is why the price often shoots up after.

This is one of the most predictive patterns I know – one that has led to some incredible fast gains.

That’s why if you want to nail down quick profits in the shortest possible time – learn to read the charts and interpret what you see. That’s how you get market-crushing results.

That’s one of the secrets behind my powerful Stealth Trades strategy…

Which you can find out more about by clicking here.

Embrace the surge,

Ross Givens
Editor, Stock Surge Daily

Ross Givens
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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