Hey, Ross here:
Let’s start off with a stock that has already delivered spectacular gains – and could be on the verge of entering another buying zone.
Chart of the Day
I shared SoundHound AI (SOUN) a couple weeks ago, and the stock broke out beautifully. It shot up 19% last Tuesday and made another high Thursday.
Notice how the volume bars mimic the action from the price candles. Volume climbs as the stock moves higher and declines as price comes down.
This is exactly what we want to see. It shows the aggressive action is on the buy side and bulls are in charge.
I want to see this stock stay above $3.25 and remain above the base.
Traders may consider buying on a pullback into the $3.50 – $4.00 area (it closed yesterday at $4.05).
Insight of the Day
Pay close attention to stocks that are able to defy the market.
The market closed down yesterday. But SOUN – trade idea I just shared above – was up over 10%. It defied the market.
And it’s not the only one. Take a look at this chart of the equal-weighted S&P 500 (meaning every stock is assigned equal weight instead of it being based on market cap).
See that nice green candle yesterday? Without the big megacaps excessively weighing it down, the index actually closed positive.
That means there are actually plenty of stocks defying the market – you just have to know what to look for.
That’s why later today at 12 p.m. Eastern, I’m going LIVE to show you how to use my top-performing strategy to spot these market-defying stocks.
Because once you understand this strategy, you’ll never fear a pullback again.
See you at 12 p.m. ET sharp.
Embrace the surge,
Editor, Stock Surge Daily