This Week Looks Bullish for the Market

We could be on the verge of a strong correction. [Jeff Clark's Market Minute]( This Week Looks Bullish for the Market By Jeff Clark, editor, Market Minute The talking heads are all [bearish]( again. That means the stock market is likely headed higher this week. Of course, it’s tough to be [bullish]( on stocks right here – especially considering the drubbing most stocks took last week. The S&P 500 lost nearly 2%, the Russell 2000 dropped almost 3%, and the technology-heavy Nasdaq Composite Index got slammed by 4.5%. It was an ugly way to start the year. And, that ugliness caused a lot of stock market bulls to rush over to the bear camp… Recommended Link [Crypto ATMs popping up in Walmart]( [image]( You can now buy Bitcoin in Walmart. New Bitcoin ATMs are already in 200 stores… with plans to expand to 8,000 in the coming months (that’s almost 80% of physical, brick-and-mortar Walmart locations.) Bitcoin has more than doubled in value last year. And with it now available to Walmart’s 220 million weekly customers? Experts predict Bitcoin could MORE than double again this year. But get this… The software powering these ATMs is already programmed to support other cryptocurrencies. They just aren’t available to the public… yet. Which is why former hedge fund manager Teeka Tiwari says [this is bigger than Bitcoin.]( He was voted the “most trusted expert in crypto” by 130,000 analysts. And he believes these other coins could do MUCH better than Bitcoin in the coming months. Even better… You can get the name of his next top crypto pick for free. [Click here for the full story…]( -- No matter what financial television station you turned to on Friday, the talking heads were bearish. Many of them predicted that last week’s selloff was the start of a 7% to 15% correction in the stock market. Maybe that’s true… Heaven knows the major stock indexes have been running hotter and higher for so long that we’re overdue for a meaningful pullback. But, whenever so many analysts get so bearish so quickly, it almost always leads to a sharp, oversold bounce. And, that’s what I expect we’ll see this week. Take a look at this chart of the S&P 500… [(Click here to expand image)]( The index closed Friday right on the [support]( of its blue 50-day [moving average]( (MA) line. The last two times the S&P challenged this support level, the index bounced off of it with a strong, one-week rally. Similar action this time around could have the S&P back up near all-time highs by the end of this week. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Another argument in favor of a short-term oversold bounce is the “positive divergence” on the 15-minute chart of the S&P 500. Take a look at the chart… [(Click here to expand image)]( As the index dropped to a lower low on Friday, the [Moving Average Convergence Divergence (MACD)]( and the [Relative Strength Index (RSI)]( momentum indicators at the bottom of the chart were making higher lows. This sort of positive divergence tells us the momentum of the decline is fading. It’s often an early warning sign of a potential rally. Patterns on a 15-minute chart tend to play out within just a couple of days. So, if stocks are due for an oversold bounce on the basis of this chart setup, then the stock market should be higher within just a few days. [SCREAMING Buy Alert]( Granted, the talking heads may be proven right a few weeks from now. Last week’s action was damaging to the stock market. And, we could indeed be on the verge of a stronger correction. But, big declines don’t usually happen when everyone is looking for them. And, given the potentially bullish setup in the intraday charts, I suspect we’ll likely see a bounce this week. Traders should use and decline today as a chance to buy in anticipation of at least a short-term bounce. Best regards and good trading, Jeff Clark Reader Mailbag Do you see a market correction happening soon, or will it keep going higher? Let us know your thoughts – and any questions you may have – at feedback@jeffclarktrader.com. In Case You Missed It… [Is America splitting in two…?]( What do Elon Musk, Joe Rogan, and Ben Shapiro have in common? They all fled “Commiefornia”. And they’re not alone… In total, 8.9 million Americans have relocated since the beginning of the pandemic. 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