Yesterday we wrote: “At this point, market internals are telling us that stocks are more primed for buying than selling. If the news tomorrow is positive, ... then stocks will simply take off.”
Indeed that is what happened today. According to Bloomberg, supposedly stocks rebounded because “political tensions appeared to subside in Hong Kong, Italy and the U.K., while indicators in China and Europe hinted global economic growth may not be as bad as some expected.”
But you, dear readers, knew stocks were poised to rise ahead of the news, because since August 29 market internals have been sending the message that Surge7 is arriving.
Tonight during after hours, Asian stocks and US equity futures climbed after China said it will be holding trade talks with the US. This most likely will result in a gap up tomorrow for US stocks. The questions are:
Where will resistance levels be next?
How do we wisely ride Surge7 up?
The rest of this article covers:
Table of support and resistance levels
Updates from market internals
Planning your trades
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