Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 1st of March.
Retailers rock with same store sales!
GAP INC (GPS) and J.C. PENNEY (JCP)
Did our Trade Triangle Technology get it right on these retailers?
Have we found a bottom in Crude Oil?
We take a closer look at crude oil. Is the correction over?
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
We are impressed at this market's ability to maintain itself over the $1365 level. A close today at current levels, around $1373, would be a new high close for the move. 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 be holding long positions in this index with appropriate money management stops.
SILVER (SPOT)
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish| Weekly = Bullish| Daily = Bearish
There is no doubt this market damaged itself yesterday when it created a negative engulfing line to the downside. At the moment, we have an interim top just over the $37 level and should this market closed lower today, it will confirm the top is in place for silver. Our long-term monthly Trade Triangle remains positive on silver. This particular indicator has done extremely well in the past.