After the closing bell tonight we have the number one tech company, Apple, reporting their earnings, as well as the number one online consumer company, Amazon, reporting their earnings.
Doubtless the earnings of these two giants will have an effect on tomorrow's market. In today's video we will be looking at both Apple and Amazon and share with you how we are positioned before the earnings are reported. I think you will find how we are positioned might be very contrary to popular opinion.
Many markets are at the crossroads of making major trend changes. Are we going to see a continued trend on the upside for the equity markets or just the reverse, is there going to be another dramatic fall?
Have oil and gold finished going down? Are we going to see both of these markets resume their trend to the upside?
Are we going to have a resurgence of inflation?
These are all legitimate questions, and as always we will rely on our Trade Triangle technology to lead the way.
QUICK TAKE ON THE MARKETS:
S&P 500: Broad trading range. The major trend remains positive according to our Trade Triangle technology for the S&P 500. Based on our intermediate-term weekly Trade Triangle, we are on the sidelines in this index. Psychological support at $1,400, but remember this is October.
CLOSED LAST FRIDAY AT: $1,433.19
CRUDE OIL (Dec): Broad trading range. The long-term trend is positive. Intermediate-term trend based on our Trade Triangle technology remains negative. Major support at $84 a barrel on the December contract.
CLOSED LAST FRIDAY AT: $90.60
EURO (Spot): Positive trend for the Euro. Two of our three Trade Triangles are green and are bullish for the Euro. We are getting a little concerned that we are putting in a potential twin peak in the Euro. Pay close attention to the weekly Trade Triangle.
CLOSED LAST FRIDAY AT: 1.3023
GOLD (Spot): Only our long-term monthly Trade Triangle is green and bullish on gold. Look for support around the $1,700 level. A move over the $1,730 level turns the momentum back to the upside. Intermediate traders are now short gold from $1,738.58.
CLOSED LAST FRIDAY AT: $1,718.00
COPPER (Dec): Only our long-term monthly Trade Triangle is green and bullish on copper. Support at $3.5500 which is the mid point of the Donchian Channel.
CLOSED LAST FRIDAY AT: $3.6320
SILVER (Spot): Support at $31.30. Only our long-term monthly Trade Triangle is green and bullish on silver. Silver is oversold, but shows no sign of reversing. Watch the $32.50 level, a move over this level signifies a rally.
CLOSED LAST FRIDAY AT: $32.04
WILD CARDS: Donald Trump, US Election, Terrorism, Libya, Syria, Turkey, Israel, the Fiscal Cliff, Greece and Europe.
Every success in trading and have a great day.
Founder & President INO.com and co-founder of MarketClub.com.