Hey, Ross here:
As you know, markets have been range-bound for quite some time now.
But as the Chart of the Day shows – it could all be resolved very soon.
Chart of the Day
The S&P 500 looks to be forming a classic pennant pattern – characterized by falling resistance and rising support.
And because the trend leading into this pennant was upward (what we call a flagpole), this is what is called a bullish pennant – as it usually signals an impending breakout upwards.
Of course, I wouldn’t put it past Powell to screw it all up next week…
But nevertheless this is a good sign.
Insight of the Day
People who scoff at technical analysis don’t understand price action – and don’t understand trading.
Lots of people scoff at technical analysis (aka chart patterns).
But what they don’t understand is that the study of price action is technical analysis – they’re completely interconnected.
This means dismissing technical analysis is dismissing the relevance of price action…
And since the ebb and flow of the entire market is captured in the price action…
You’d be a fool to ignore the study of chart patterns.
Every single skilled trader I know uses them for a reason.
Of course, just like anything, not all chart patterns are created equal.
Some are pretty “out there” – with little to no predictive value.
But some chart patterns have been used time and time again by the best traders in the world – with tremendous success.
That’s why I’m going LIVE right now to showcase my strategy built around the world’s highest-rated chart pattern.
This strategy could already have handed you multiple triple-digit winners this year – and I believe it’s just getting started.
So click here to join me in the live room now…
And let me show it to you in person.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
