Technical Talk: Daily update (Friday, June 10, 2011)

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Adam Hewison, charting strategist of, 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

Here is a summary of Adam’s latest views:

• SP 500: -70. Only the longer-term monthly Trade Triangle remains intact at this time. Trading range – neutral; major support at 1,250. Looks like we are headed down to test the March lows around 1,250.

• Silver: +55. This market has remained in a trading range for the last month. Major resistance at $38.80. Near-term support at $36.00; major support at $34.00.

• Gold: +85. This market backed off the top of the Donchian Channel. The $1,553 level is now near-term resistance. Minor support at $1,520; major support at $1,500.

• Crude Oil: +70. Trading range. Long term indicator remains positive. Resistance at $102/$103 basis July; support at $96/$97. Choppy market.

• US Dollar Index: -75. The longer-term and mid-term Trade Triangles remain negative. Resistance now at 75.00/76.50. Minor support at 73.50; major support at 73.00.

• CRB Commodity Index: +90. Near-term resistance at 353.00. Minor support at 345.00; major support at 335.00. Trading range.

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Source:, June 10, 2011.

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