'Delicious Situation' for S&P 500 and Silver: Charts
It’s a ‘delicious situation’ in the markets as the values of silver and stocks are both climbing after closing out of their shoulder-head-shoulder trend, Chris Zwermann, global strategist at Zwermann Financial, told CNBC Wednesday.
“It’s a very delicious situation at the moment in the markets, and silver is one of the leading situations,” he said.
Silver has ended its shoulder-head-shoulder trend and “is unfolding to the upside, and the targets here are higher than $19,” he said, adding that in the long term, silver will be targeting at higher than $20/ounce.
“You can see this transferring also to the stock markets,” as the S&P 500 is also finishing its shoulder-head-shoulder trend started in late September, he said.
Much like the silver outlook, the S&P 500 “shoulder-head-shoulder doesn’t exist anymore, so we have to unfold it to the upside,” he added.
The S&P has broken the 1,100 target, he said, adding that during the next three weeks, the S&P 500 will target at 1,150 points.
-For the full interview, watch the video clip above