Technical Talk: Daily update (Friday, June 17, 2011)

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Adam Hewison, charting strategist of INO.TV, 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. I have personally been using the INO/Market Club software for about two years and can vouch for these tools being extremely useful.

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.

Here is a summary of Adam’s latest views:

• SP 500: -60. The market action on Thursday was fairly neutral with the bulls and bears in a stand-off. The market is barely higher for the week; if we start making new lows later in the day that would not be a good sign. Major downside support is at 1,250.

• Silver: -70. I would watch this market very carefully as I feel that it is probably at the lower end of its range. We would use the Donchian channels as support. We may bounce around for another couple of weeks but come July I think we’ll see this market on the move. Near term resistance at $36 .00. Support at $34.00.

• Gold: +100. All systems are go for gold and we expect this market to do better. The Donchian channel has resistance at $1,351.12. Major support at $1,500.

• Crude Oil: -100. The trend in crude oil is clearly down with all of our Trade Triangles in a negative position. As the market is oversold we would expect some sort of recovery bounce from current levels. I would wait for our Trade Triangle technology to kick in on the positive side before taking a long position.

• US Dollar Index: -65. As we discussed yesterday, we felt that the Dollar Index was at the high end of its range. As our indicators are still negative longer-term, today’s downturn confirmed our earlier analysis. Minor support at 74.00; major support at 73.00.

• CRB Commodity Index: -60. All indicators are now negative for this Index. However, we are at the lower end of the Donchian channel and the market is oversold. We would not rule out some sort of bounce from current levels. Market still appears to be in a broad trading range.

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Source: INO.TV, June 17, 2011.

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