Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 27th of February.
A Bank, a Pivot Point, and Warren Buffett
So far today, JP MORGAN CHASE & CO (JPM) is a winner.
Crude Oil and USO take a break
Today we share with you the support levels for crude oil and the ETF United States Oil (USO).
3 Stocks on the move today:
MICRON TECHNOLOGY INC (MU), WHIRLPOOL CORP (WHR), and MEDCO HEALTH SOLUTIONS INC (MHS).
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.
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S&P 500 INDEX
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish| Weekly = Bullish| Daily = Bullish
We view today's action as very positive for this index. 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.
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SILVER (SPOT)
BIG PICTURE: Strong Trend +100
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 is positive on silver. This particular indicator has done extremely well in the past.