Technical Talk: Daily update (Friday, May 27, 2011)

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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.

[iframe: width="520" height="318" src="http://www.ino.com/info/688/CD3194/&dp=0&l=0&campaignid=3" style="border:0;outline:0" frameborder="0" scrolling="no"]

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Source: INO.com, May 27, 2011.

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