Welcome to the start of a new trading week.
Here’s an interesting chart showing that we may be in a wait-and-see period right now.
Chart of the Day
After a strong move higher in the last half of March, stocks have struggled to make any meaningful progress over the last two weeks.
Up a percent one day. Down a percent the next.
Frankly, the market feels like it is asleep.
As you can see in the chart above, volume has dried up significantly. Bulls and bears alike are waiting to see if their positions play out and are likely growing frustrated.
A few weeks ago, I shared my target for this rally – 420-430 in the SPY.
As of today, the high of this move is 415. So, I expect the indexes to run a few percent higher before we see any meaningful pullback.
P.S. Would you like special trade prospects and potential market moves sent directly to your phone? Text the word ross to 74121.
Insight of the Day
Pay attention to how the market reacts to news to gauge true sentiment.
The market may be asleep at the moment – but when we study its longer-term reactions to various news since the October 2022 lows, the trend is telling.
Despite plenty of negative news since then, the S&P 500 is still almost 16% higher.
To me, that signals that – despite the impression you might get from the news – there is a strong bullish undercurrent beneath the market.
And if you have the right strategy, that’s a bullish undercurrent you can ride to book substantial profits for yourself.
I believe the best strategy for doing so is to “follow the money” – specifically the money controlled by the big institutions – and jump in right before they do.
That’s what my Stealth Trades strategy is all about. Click here to read more about it – and get a massive limited-time discount to boot.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
