More of the same, but are we starting to tip down?

Posted on by The INO.com Team

Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Wednesday the 15th of June.

Okay, now here's what's happening right now in the major markets (click to watch the video)...

SP 500: -70. The market action today can only be described as negative. A score is now -70 and our downside target for this market is 1250. Major downside support is at 1250.

Silver: -70. I would watch this market very carefully today as I feel that it is probably at the lower end of its range. We would use the Donchian Channels along with the fact that this market is oversold and expect to see a bounce from current levels. Major Support at 34.00.

Gold: +70. Gold is currently oversold and we expect to see this market balance sometime in the near future. We would not be surprised to see further sideways action but we want to be long this market as the Donchian channel comes in at 1503. Major support at 1,500.

Crude Oil: +55 Trading range. This market continues to pound out a base to go higher. Long term indicator remains positive. Support coming into this market at $96/barrel. This market is currently oversold and choppy.

The Dollar Index: -55. Despite today's strong dollar rally in the index, the longer-term and mid-term Trade Triangles remain negative. Resistance now at 76.50. The dollar index is now in overbought territory. Minor support at 73.50 and major support at 73.00.

The Thomson Reuters/Jefferies CRB Commodity Index: +55. This index is now beginning to reach an oversold condition and we may see further backing and filling-in softness. Near-term resistance at 350.00. Minor support at 340. Major support at 335.00. Trading range.

The big question is are we going to close lower seven weeks in a row in the major indexes. Many people trading the markets now have not seen the classic bear market which does not give you a chance to get out. Several of our major long-term indicators are close to turning negative and when they do we would recommend moving into an all cash position for hitting any portfolio you might have in stocks.

Click here to watch the 1 PM update.

Every success,

Adam Hewison
President of INO.com
Co-founder of MarketClub

7 thoughts on “More of the same, but are we starting to tip down?”

  1. Going by 3-months back from Wed 6/15/11, we should have a Red Monthly Triangle on the S&P 500 now. Does Market Club consider those numbers relevent as compared to your numbers starting at the first of each month? Because your Monthly figures start from March 1st to compare, not an actual trailing 3-month period. Although, there is not much downtrend to go to create a Red Monthly Triangle from you method at this point. Just curious if we could read into the theory a little by using trailing periods by each day. Thanks for your Triangles, Smart Scan and charts.

  2. No you are not late. You would be early. Not many are realising that this can be a longterm bear market a la japan.

  3. I am buying. Most junk bond elf's - PHK,AWF,COY,HYG - some crazy % mortgage eft - ARR,IVR - and some - WOOD,PEY,spy -. Most will stop out 3% loss but I see a bounce on RSI below 30 + my rules. Silver working on a head & shoulder if so down side 15.00 once -50% 🙁 Gold is a buy, RSI 50 is where it has bounced in the past, I may pass as RSI 30 - SPY - is like a sale to me.

  4. 1pm market updates are very useful, great stuff.
    What am I doing wrong, I'm an MC member, but for the past three days, I can access INO TV only by repeatedly giving all my personal details and 'signing up for a free trial'...tedious.
    Also, the screen is so small, it's impossible to read anything, so I'm just listening, which is a shame, again, what am I doing wrong, or is that how it is?
    Keep up the good work chaps, I can see you are working very hard to continuously improve the service and provide greater value.

    1. Tony,

      You'll notice this morning that the videos have been added to the MarketClub Home Page for all members to view.

      Best,
      Jeremy

  6. (NON-MEMBER) Thank you for your valuable opinion and advice, A look at the charts certainly confirms your opinion and data.
    I only hold mining/mineral stocks, but, unfortunately, they are all treated as the other paper, so I am going to sell all.
    As for the PMs, I am going to hold what I have. There is (for me) no other way out!! I will not sell my insurance policy!

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