The Stock Market Is Heading For This Support Level In April – Mike Swanson (03/28/2019)

People want to hear bullish talk on the market and that’s why they are always predicting big rallies everywhere on TV and on the internet. I posted an interview with Guy Adami a few weeks ago. He is a good guy. In this interview he said that if people tried to warn on the risks of the market on the “Fast Money Show” that he is on that their ratings would collapse so he tries to say what he can.

But I don’t have to get on TV and try to hold some mass audience every single night catering to the lowest common denominator. Instead I can send you an email when something important is really happening.

Yes – I want to get into the best performing sectors and I like to buy the top stocks. That’s why I did a video yesterday going over the sectors that I think are the best in the market now.

You can find it here:

However, I do not think this is time to just buy anything. In fact the other week I warned that the stock market rally was exhausting itself and a week ago I said that we would likely see the stock market begin a pullback this week going into mid-April, because we would see a buying vacuum as stock buybacks turned off for a few weeks.

And it seems to be happening.

That doesn’t mean the stock market is going to go straight down, but it does mean that it is likely to now go to price support.

The good news is that the next support level isn’t that far away on the S&P 500, because all the major moving averages are close together around the 2750 level.

Take a look for yourself.

We can expect to see the S&P go to at least 2750 now by mid-April.

But if that level doesn’t look for a bottom to come in the 2603-2664 zone. That’s the point of the 50% and 33% retracement areas of the recent peak and the December low.

If we get to that I’d expect a rally back up to current levels during the April earnings season in May.

That’s why I think its actually hard to make money now buying the S&P 500 or the popular stocks that are trading even worse than it is.

The money is now to be made by sticking to true trading and investment fundamentals. I lay them out for you in my book Strategic Stock Trading and have two boxes of books to now give away.

If you grab your copy you’ll also get a 30-day trial to my private trading group.

To take advantage of this deal just click here.

If you missed the video I did on five top stocks in the top sectors just go here:

http://wallstreetwindow.com/2019/03/five-stop-stocks-in-new-leadership-sectors-mike-swanson-03-27-2019/

-Mike




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