Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 1st of February.
Is Amazon growing it's business, or gambling with disaster?
We will examine Amazon (AMZN" title="AMZN : Stock Quote, News and Research" class="showrtquote">AMZN) and see what led to today's disastrous loss. It's another lesson on how the technicals get the timing right before the news comes out.
3 Stocks on the move today:
WHIRLPOOL CORP (WHR), BROADCOM CORP (BRCM), and MARATHON PETROLEUM CORP (MPC" title="MPC : Stock Quote, News and Research" class="showrtquote">MPC).
Did MarketClub's Trade Triangle technology get it right for these three stocks?
Always remember …
DON'T FIGHT THE MARKET … MOVE WITH THE MARKET
Now, let's go to the charts and MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
We are encouraged by today's market action and would view a move over the $1328.5 level as extremely positive. With a Score of +100, this market is very strong hands and in a strong upward trend. Longer-term we expect this market to move up to the $1370 to $1380 level by as early as May based on cyclic work. With all 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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Suggested S&P 500 Trading Instruments:
Non Leveraged ETF's: (Long SPY) (Short SH)
2 x Leveraged ETF's: (Long SSO)(Short SDS)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
Free consultation, Free call.
Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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SILVER (SPOT)
BIG PICTURE: Trading Range +60
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
The silver market continues to chop around, fighting resistance at $34 and finding support at $33. A move below today's low of $33 will, in our opinion, bring in aggressive profit-taking. We think this market is at the top of a trading range cycle, but has not provided conclusive proof that the cycle has indeed topped out. With our long-term monthly Trade Triangle red, we expect to see this market run out of steam around current levels. This particular indicator has done extremely well in the past. With a Chart Analysis Score for silver at +60, silver is in a trading range. Long-term term traders should be in short positions in silver with appropriate money management stops.