Technical Talk: Daily update (Friday, June 10, 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:
• 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: INO.com, June 10, 2011.