Hello fellow traders everywhere. Adam Hewison here co-founder of MarketClub with your weekend update for the trading week ending on 9/02/11.
Last week we saw the markets revert back to their major trends, with the reversal in the S&P 500 pushing this market down .4% from major resistance at 1230.
Gold and silver on the other hand moved higher with gold moving up over 3% for the week, and silver following suit with a gain of 4.5%. The closes this week on Friday, for both gold and silver, are all time high, week ending closes, and are very bullish.
Last week, we referred to the fact that Warren Buffett invested $5 billion into Bank of America, symbol BA. This week we saw the true colors of the banks and the fact that they are in deep trouble. For the week, Bank of America lost 6.3% and still has more to go according to our Trade Triangle Technology.
In today's weekend wrap, we are going to do something very special, and that is apply a long-term projection for the S&P 500. We will show you where we think it is headed, how long it's going to take, and where the ultimate target zone is.
Now please remember, these are projections and are based on classical technical analysis. Obviously if our Trade Triangle technology indicates otherwise we will respect that indicator as it is reflective of market conditions. We all know events can and do change and we are cognizant of that fact. I will be doing this analysis at the end of the video so please be patient.
Now let's go to the weekly charts and see what happened last week in the major markets according to our Trade Triangle technology. Continue reading "Weekend Update ... not a great week for the equity bulls"