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Sunday, September 4, 2011

Weekend Update … Not a Great Week for the Equity Bulls


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.
S&P500: Change for the week: – .24%
Monthly Trade Triangles for Long-Term Trends: = Negative
Weekly Trade Triangles for Intermediate Term Trends: = Positive
Daily Trade Triangles for Short-Term Trends: = Negative
Combined Strength of Trend Score: = – 55
Silver: Change for the week: + 4.62%
Monthly Trade Triangles for Long-Term Trends: = Positive
Weekly Trade Triangles for Intermediate Term Trends: = Positive
Daily Trade Triangles for Short-Term Trends: = Positive
Combined Strength of Trend Score: = + 90
Gold: Change for the week: + 3.03%
Monthly Trade Triangles for Long-Term Trends: = Positive
Weekly Trade Triangles for Intermediate Term Trends: = Positive
Daily Trade Triangles for Short-Term Trends: = Positive
Combined Strength of Trend Score: = + 90
Crude Oil: Change for the week: + 1.16%
Monthly Trade Triangles for Long-Term Trends: = Negative
Weekly Trade Triangles for Intermediate Term Trends: = Positive
Daily Trade Triangles for Short-Term Trends: = Negative
Combined Strength of Trend Score: = + 55
U.S. Dollar: Change for the week: + 1.34%
Monthly Trade Triangles for Long-Term Trends: = Positive
Weekly Trade Triangles for Intermediate Term Trends: = Negative
Daily Trade Triangles for Short-Term Trends: = Positive
Combined Strength of Trend Score: = + 65
CRB Index: Change for the week: + .81%
Monthly Trade Triangles for Long-Term Trends: = Negative
Weekly Trade Triangles for Intermediate Term Trends: = Positive
Daily Trade Triangles for Short-Term Trends: = Negative
Combined Strength of Trend Score: = – 55



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