Technical Talk: Daily update (Friday, May 27, 2011)
Adam Hewison, charting strategist of INO.com, brings you another edition of his invaluable service of daily technical updates on the ups and downs of various markets. This short analysis is a great tool for keeping one’s finger on the pulse and timing the markets.
Click the image below to hear his latest views on gold , silver, the US Dollar Index, the CRB Index, crude oil and the S&P 500 Index. Also, click here to have an instant analysis of any ticker symbol in your portfolio performed by INO.com.
Here is a summary of Adam’s latest views:
• S&P 500 Index: +55. Only the longer-term monthly Trade Triangle remains intact at this time and it is bullish. Market has recovered from the lower end of the Donchian Channel. Neutral – major support at 1,295-1,300. Resistance at 1,340-1,350.
• Silver: +65. This market reached the midpoint of the Donchian channel. The bullish divergence on the Williams %R indicator is now confirmed. Major resistance at $39.50. Rally potential up to $42.00. Near-term support at 36.00. Major support at $34.00.
• Gold: +100. Longer-term trend remains positive. New recovery highs in the market today. Second highest weekly close possible. Minor support $1,520 and $1,514. Major support at $1,500, $1,475.
• Crude oil: +90. Trading range. Long-term indicator remains positive. Resistance at $102.00 basis July. Choppy market. Bullish divergence confirmed on the Williams %R indicator. A close over $101.90 is needed to drive prices higher.
• US Dollar Index: -75. The longer-term Trade Triangle has remained in a negative position. “Dark Cloud Cover” formed and confirmed a negative candle pattern. Negative divergence on the Williams %R indicator. Look for further weakness to the midpoint of the channel.
• CRB Commodity Index: -55. Highest level for this index in 12 days. A Fibonacci 50% retracement = 351 and 62% = 356. Bullish divergence confirmed on the Williams %R indicator.
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Source: INO.com, May 27, 2011.
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