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Support Levels Holding?

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…

Click here to get a hold of my top strategy for doing so (in honor of Labor Day it’s yours for just 99 cents).

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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