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Man what a day its been for the market.
The Federal Open Market Committee (FOMC) revealed that they’re planning to shrink their balance sheet very rapidly.
They’re aiming to slash off $95 billion per month.
The market responded with a lot of volatility.
Of course, high volatility presents big profit opportunities for Stock Navigators… and one sector is coming out on top as the clear winner.
I’m Fishing Out the S&P’s Double Bottom
A double bottom - aka the W - is one of my favorite chart patterns.
Which is why I love what I’m seeing right now on the chart for the E-mini S&P 500 Futures (ES).
We’re seeing a double bottom… in fact, some may even call it a triple bottom.
After hitting the W, we saw the market rally 500 points without any significant pullback.
But now we’re experiencing lower highs and lower lows.
I would proceed with caution.
Healthcare is Outperforming Everything
Right now, the healthcare sector is beating every other industry on the market.
Money is pouring into this industry and it’s all coming from big tech.
We know this from a quick glance at the heatmap…
Individual healthcare stocks are also moving up today.
Let’s take a look at CVS Health Corp (CVS)...
It made a very significant reversal to the upside.
Meanwhile, other healthcare stocks are hitting new all-time highs (ATH).
Biopharmaceutical company AbbVie Inc (ABBV) hit a new ATH at $170…
Pharmaceutical company Eli Lilly And Co (LLY) hit a new ATH at $306…
And UnitedHealth Group Inc (UNH) hit a new ATH at $533.
This is why I love trading stocks.
Every day is a new day.
We can see reversals happen in the blink of an eye and knowing how to ride the waves is a very profitable skill.
Spot the Market’s Buy Zone and Sell Zone
That’s what everybody tells you to do.
But how do you tell where the lows and highs are?
One of my personal favorite ways is by using money zones.
The money zone is the blue box that you see on this chart…
When the price lands inside that box, I know it’s time to make my move.
So the next time you’re thinking about an entry, make sure the price is in the money zone!
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