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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Closed Lower, All Eyes On Support
Stocks closed lower yesterday as the previous 2-day advance hit pause.
Looking at the charts, it still appears we're in a bottoming pattern.
Earlier in the week, I commented on how the intraday charts appeared to be forming a falling wedge pattern (which is bullish). We broke thru the upside on Tuesday. But fell back down yesterday.
That pattern is still intact. However, a new pattern has formed, and it can be seen on both the intraday charts and daily charts. And that pattern is an inverted head and shoulders pattern. (That's considered an even stronger bullish pattern.)
If that can hold (meaning it should not take out the lows from Friday, and ideally they should not take out the lows from yesterday either), we could see a sustained rally take place.
We shall see.
In other news, yesterday's Weekly Jobless Claims fell by 33,000 to 860K.
Today we'll get the Leading Indicators report, and Consumer Sentiment.
But all eyes will be on whether the market can hold the recent lows.
And if so, that could set the market up for some nice gains to come.
Executive Vice President, Zacks Investment Research
The Executive Vice President of Zacks Investment Research, Kevin Matras, is very optimistic about our country's financial future. Because the underlying fundamentals of the economy are strong and will continue to improve as the reopening continues, he expects stocks to soar far higher right through the market blips and dips.
But what's the key to being successful? Knowing the right strategies and where to find stocks that will lead the market as the recovery continues to build momentum.
For a limited time, Kevin is offering his hardcover book, Finding #1 Stocks, absolutely free so you can be in the best position as stocks begin to rise. In the book, he shares exclusive secrets to picking stocks including the exact formulas of strategies that produced gains of +122.2%, +153.0%, and even +156.8% from 2017 through Q2 2020.
This brief opportunity will end at midnight Saturday, September 19 or when inventory is depleted. Don't miss your chance to get an edge in the game.
Catch breaking news on your stocks and funds at a glance, including timely recommendation changes ... Zacks Ranks ... Industry Ranks ... earnings announcements ... earnings estimate revisions ... and more. And now you can screen for new stocks to improve portfolio performance.
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