الأربعاء، 30 أكتوبر 2024

Bitcoin and Silver’s BIG Moves, and a Major Warning Sign in the Russell 2000

Join me at 9:15 a.m. ET for “Morning Monster”!
 
   
     
BIG Moves in Bitcoin, Silver, and a Major Warning Sign in the Russell 2000
 
 
Microsoft (MSFT) has earnings after the close today along with Meta Platforms (META) and more big tech earnings all week. PLUS, preliminary GDP for Q3! Will this result in a pop or do we keep churning waiting for the U.S. election and FOMC next week? 

Come join me as we dive in and see what’s moving! 

Plus, as always, we have stocks popping and dropping so come find out what is moving this morning as I look for stocks and do some live premarket analysis on SPX, SPY, NDX, QQQ, Russell, IWM and other stocks that are potential plays for the day. 

 
— — — 

Silver, Bitcoin Staging Big Rallies — With Big Upside Potential Ahead

Silver and Bitcoin have the potential for explosive rallies — did you see both on Tuesday?! — and the charts are setting up to support that view. 

For silver (SLV), if this current bounce continues, it could open doors for a surge toward $50 — maybe even $60 — as long as it holds above its retracement level. 

Bitcoin’s setup is equally intriguing... 

If BTC can push past that $70,000 level — it topped $73K yesterday! — we might see it catapult quickly, with the potential to capture significant upside.

The catch? 

Retracements. Bitcoin could see a shallow pullback before a more sustainable run. But we’re still in a rally-friendly window, so deeper dips might remain limited. 

Silver’s path, though less volatile, aligns with Bitcoin’s longer-term bullish outlook. 

Both offer serious upside, with silver holding more medium-term stability while Bitcoin promises high-stakes momentum — and both could reward well-timed entries.


The Russell 2000 Is Flashing a MAJOR Warning Sign

The Russell 2000 is sending some concerning signals, and it’s something we can ignore at our own peril... 

Small- and mid-sized businesses — represented in this index — employ a large portion of the American workforce. Yet, while the S&P 500 has pushed to new highs, the Russell has lagged, showing clear signs of weakness. It’s not just a dip or two; we’re seeing overlapping and messy price action, with several red candles and very few green ones. 

This lack of participation at a time when larger companies are outperforming isn’t the kind of divergence we want to see. The Russell 2000’s struggles reveal a less optimistic picture for the average American business, which may explain why many people feel economic pressure despite the rosy headlines on corporate profits. This isn’t just about the Russell missing all-time highs either — it’s about what that disconnect might signal for the broader market. 

The reality is, we need to watch for either a confirmed reversal in the Russell 2000, or brace for potential ripple effects in other indices if it doesn’t regain its footing. This weakness in small and mid-cap stocks could weigh on broader market sentiment, particularly if Big Tech earnings disappoint, so stay tuned.


Today’s Daily Chart Setup: CBIZ Inc. (CBZ)  
 

This idea came directly from my Daily Chart Setup that automatically signals potential plays. 
 
CBZ is a new potential entry. Target: 75.81 Stop below: 61.66
CBZ has a historical win rate of 93.33%
CBZ has a profit factor of 8.841
CBZ trades last 186 trading days on average over 15 trades since 1995.

This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. Always remember that past performance is not indicative of future results.

You can find full details on exactly how this works by scrolling down further in this newsletter. 

Now be sure to join me live at 9:15 a.m. ET for “Morning Monster,” my market-open livestream on YouTube!

 
 
‘Morning Monster’ Is Starting NOW!
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How the Daily Chart Setup Works
 
 
Here’s a more detailed description of how the pattern triggers:
 
1. The price breaks upward through the orange Market Roadmap Line. 

2. Then the price goes up and down while staying above the line. Eventually, it comes down to touch the line again — this could take days, weeks or even months. 

3. Once it touches the line and starts moving back up, that signals an entry. 

I use Fibonacci levels for for profit targets and stop losses, and these two tools combined have helped me achieve a 77% win rate over the past six-plus years!

You can grab my Market Roadmap Indicator here for just $5 — less than a cup of coffee at most places!
Jeffry Turnmire
Jeffry Turnmire Trading

I host my “Morning Monster” livestream at 9:15 a.m. ET each weekday on YouTube, and then “30 Minutes of Awesome” at 5 p.m. ET each Tuesday!

Please check out my channel and hit that Subscribe button!

I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.

I've been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it's the Eagle Scout in me. 


*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 
   
 

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