Stocks traded higher for most of Friday trading that saw the S&P 500 set an intraday record of 1813.55 before surrendered surrendering its entire gain during the final 30 minutes as financials and industrials tumbled into the red.
Notably, EchoStar Corporation (SATS) bucked the overall trend, added 1.40% to 50.05. This is bullish from a technical perspective. In fact, as the chart below indicated, SATS could climb above 55 to test the 127.2% Fibonacci extension after the downward trend halted. Just so that you know, initially profiled in our July 23, 2013 “Swing Trader Bulletin” SATS had gained more than 22% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for SATS. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – EchoStar Corporation (daily)
As indicated in the above chart, our “U.S. Market ETF Trading Map” rates SATS as a Buy. Over the past few days, SATS had been trending lower in a short-term corrective mode as traders digest the early November massive gains. Friday bullish breakout had helped clear resistance at the mid-November falling trend line, indicating that SATS might have switched to a rising trend…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
Subscribe to CEM News to receive more in-depth research from Capital Essence.
P.S. Take advantage of the 30 days special trial [new member only]. Join a small group of elite traders and receiving these daily trading ideas by click here to subscribe.