Has the Market Bottomed Out?

It’s time to pay attention to what the market is trying to tell us. [Jeff Clark's Market Minute]( Andrew’s Note: If you’re feeling anxious about another crisis affecting your finances and your future… You’re not alone. Jeff Clark sees another 2008-level crisis happening as early as tomorrow morning – he calls it, “America’s Darkest Hour.” This event is 100% guaranteed to happen due to a federally required announcement that could erase years of your wealth. Unfortunately, most people will only focus on the crisis and [fail to see the opportunity](. But Jeff is here to prepare you. Tonight at 8 p.m. ET, Jeff will host an emergency briefing to show you how to potentially double your money during this new crisis. It could be your final chance to secure your retirement… so [click right here to sign up](. And below, read on about what Imre Gams thinks of the current market… --------------------------------------------------------------- Has the Market Bottomed Out? By Imre Gams, analyst, Market Minute On June 29, I wrote about [two obstacles the S&P 500 would have to clear]( in order to sustain a powerful rally. At the time, I shared this price chart of the S&P 500 (SPX) index… [(Click here to expand image)]( The first obstacle I mentioned were the blue trend lines that show the SPX trading within a descending channel. And the second hurdle the market needed to clear was the 50-day moving average (MA – red line). Recommended Link [Market Wizard speaks after years of behind-the-scenes trading successes]( [image]( “There are no bad markets for successful traders.” – Larry Benedict During the worst market in 50 years, those following his work saw the chance for double- and triple-digit growth. At long last, he is coming out from behind his eight-computer-screen trade station to help everyday folks learn to trade smartly. His new One Ticker Trader method is crushing the market… Because it’s a recession-proof strategy that works in bull and bear markets. It’s designed to show you how to make all the money you need… No matter what happens in the market. [Watch it now.]( -- Channels are powerful reversal patterns. Once prices break out of the pattern, you can expect a strong move in the opposite direction of the channel. Now, let’s look at an updated SPX price chart to see how things have played out… [(Click here to expand image)]( As you can see, the market has successfully broken out of both the descending channel and the 50-day MA. Clearing these obstacles has opened the door for the strong rally we’ve seen through the month of July and the first two weeks of August. In fact, the SPX has rallied over 12% in just the last 6 weeks. And while that’s a very encouraging sign, my analysis suggests the current rally will likely end soon. Let me show you what I mean on the price chart below… [(Click here to expand image)]( The first important feature on this price chart is the blue trendline. It’s drawn by connecting the tops from January 3 and March 29. Because it connects the two major swing points that have preceded significant selloffs, I expect the market to treat this trendline as an important resistance level. Currently, this trendline comes in around 4370 in the index. The second important feature is the Relative Strength Index (RSI – red line). 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. The RSI measures momentum and usually registers overbought and oversold readings when the market is about to make a turn. A reading above 80 is considered overbought, while a reading below 20 is considered oversold. As you can see, the RSI has just reached overbought conditions. When multiple pieces of technical analysis line up like this, it’s time to pay attention to what the market is trying to tell us. [Market Wizard Who Accurately Predicted 2022 Market Collapse Has Shocking New Forecast]( If the market does start to pull back as it approaches this trendline, then there’s natural support that comes in between the 4175 to 4100 levels – which is where the index was trading back in early June. If a pullback stabilizes around this area, I’ll be looking for an opportunity to buy the market so long as the appropriate chart pattern appears. Happy trading, Imre Gams Analyst, Market Minute Reader Mailbag Have you been looking to buy or sell the market recently? Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com. 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