Hey, Ross here:
And let’s start the day by looking at a critical level of support for the S&P 500 – the next test for the market.
Chart of the Day
After posting another red candle yesterday, the S&P 500 is just 0.7% away from the 4,200 mark.
That 4,200 mark is also where the 200-day moving average (red line on chart) currently sits…
And is also a support level formed by the high point in early-Feb 2023.
I expect to see buyers step in here to defend this level.
But if they don’t, that’s a sign that things could get much worse.
This is the market’s next test.
Insight of the Day
If the market passes the above test, we could reap some fast profits.
If the market “passes” the test above, we can expect the market to “bounce” off that 4,200 level.
This is an opportunity for some quick gains…
Because even though the broader market “bounce” won’t be much…
The bounce in individual stocks – especially smaller-cap stocks – could be way higher.
Like I said yesterday, I expect a short-term rise followed by a final flush lower before the bull market resumes.
I believe we’re entering that short-term rise phase now.
And even though I don’t expect it to last…
That doesn’t mean you can’t make some quick profits from it in the meantime.
That’s why I’m going LIVE later today at 4 p.m. Eastern to show you my #1 strategy for capitalizing on the expected bounce in the market.
And let me show you how to play this short-term bounce.
Embrace the surge,
Editor, Stock Surge Daily