Hi, Adam Hewison here with MarketClub. Here is a recap of your 1 p.m. market update for Wednesday the 25th of May.
Here's what's happening in the major markets ...
S&P 500: -70. Only the longer-term monthly Trade Triangle remains intact at this time. Market at the lower end of the Donchian Channel. Neutral - Major Support at 1,295-1,300. As we mentioned yesterday we expected to see some sort of bounce from current levels. We believe that bounce is underway.
Silver:+75. Score as we reported yesterday this market was in a upward swing in the move over 36 on the close yesterday proved our point. With the bullish divergence on the Williams %R indicator now confirmed we expect to see more upward action. Major resistance at $39.50. Short-term rally potential up to 42.00.Near term support at 36.00. Major Support at $34.00.
Gold: Score +90. Longer term trend remains positive. See all blog comments and video today. The $1,533 which is a 62% Fib retracement acted as resistance today. Minor support at $1,520. Major support at $1,500, $1,475.
Crude Oil: +80 Trading range. Long term indicator remains positive. Resistance at 100.00 basis July. Choppy market. Bullish divergence confirmed on the Williams %R indicator.A close over $100 basis July is needed to drive prices higher could happen today.
The Dollar Index: Score +70. In a very broad trading range with the longer term Trade Triangle remaining in a negative position. Index reversed from resistance at the 76.50 level. Major resistance remains at 77.50. Minor support at 75.00. Possible "Dark Cloud Cover" formed yesterday and a lower close today confirms that candle pattern. Plus there is a Negative divergence on the Williams%R indicator.
The Thomson Reuters/Jefferies CRB Commodity Index: Score +55. Near-term resistance at 345.00. Minor support at 340.00. Bullish divergence building on the Williams %R indicator.
Join me again tomorrow at 1:00p.m. ET for your LIVE and actionable update!
All the best,
Adam Hewison
President of INO.com
Co-founder of MarketClub
Adam,
Just wanted to tell you that your "recap videos" are truly fantastic. Great way to "pick" your brain and get an overall view of some of the main commodities markets.
Thanks for doing those every day.
A bientot,
Loic.
Loic,
I appreciate your generous words. Hope all is well with you.
All the best,
Adam