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Support Levels Holding?

Published September 1, 2023

Hey, Ross here:

Before we head off into the long Labor Day weekend, let’s look at a chart that adds to the evidence that we might see a second sustained rally soon.

Chart of the Day

The above chart shows the S&P 500’s August 2022 highs successfully acting as support in both June and August of this year.

When previous resistance becomes new support – that’s another good sign.

I’m still cautious about the market as we enter a new trading month – especially since September has historically not been a good month for stocks.

I’ll want to see the price action play out a bit more before increasing my conviction.

But as we head into the Labor Day weekend, things are looking up.

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Insight of the Day

A key trading skill is being able to differentiate between healthy pullbacks and breakdowns

A healthy pullback is a necessary consolidation to shake out the weak hands before the market moves on to higher highs.

A breakdown is when even dedicated buyers flee the market – causing it to break previous support levels.

Being able to tell the difference between the two is a critical skill.

Reading price action is essential to do this, but you also need to factor in the macro environment – such as corporate earnings, interest rates, and so on.

This skill is what allowed me to confidently recommend multiple double to triple-digit winners all through this year.

So, if you want to make sure you’re 100% prepared for what comes next…

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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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