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It’s Friday, Do You Know Which Markets Are Headed Higher?

 February 24, 2012 02:48 PM


Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 24th of February.

A bull market that is surprising everyone
Today we will figure out why the equity markets are going higher.

Where is the next stop for crude oil?
We share with you with the next major level for crude oil.

3 Stocks on the move today:
SALESFORCE.COM INC (CRM), INTERPUBLIC GROUP OF COMPANIES (IPG), and GAP (GPS).
Did MarketClub's Trade Triangle technology get it right on these three stocks?

Now, let's analyze the markets using MarketClub's Trade Triangle Technology.
—————————————————————————————–

S&P 500 INDEX

BIG PICTURE:  Strong Trend  +100
TRADE TRIANGLES: Monthly = Bullish| Weekly = Bullish| Daily = Bullish I think the action in the equity markets is starting to surprise a lot of people. I would say if we see a close over $1367 today, it will be bullish for the weekend. Longer-term we expect this market to move up to the $1550 to $1600 level by late May, early June based on our cyclic work. With all three of our Trade Triangles green, a bull market is underway.  Long and Intermediate term traders should now be holding long positions in this index with appropriate money management stops.

[Related -Keep Your Eye on Trends and Reversals – SPY – RIMM – KOL]

[Related -How Overextended is the SP500 Right Now in June?]

SILVER (SPOT)
BIG PICTURE: Strong Trend  +90
TRADE TRIANGLES: Monthly = Bullish| Weekly = Bullish| Daily = Bullish

A move and close over $36.00 would be a game changer for silver, as it breaks a major downtrend line. This would set up a target zone of around $44.00. We want to be patient and wait to see if this actually happens. Our long-term monthly Trade Triangle turned positive yesterday. This particular indicator has done extremely well in the past.


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