Technical Talk: Daily update (Friday, July 1, 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 Adam’s buy recommendation on the Malaysian Index and 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 his technical outlook:

• SP 500: +100. The Index has rallied sharply from an oversold condition and from the bottom levels of the Donchian trade channel. This market has had problems between the 1,330 and $1,340 level on several occasions in the past. I would be surprised to see this market breeze over these levels given the fact that it is now overbought. Resistance at 1,340; support at 1,300.

• Silver: -70. This market is heading for a test of the lower levels of the Donchian trading channel. Look for support to come in around $33.00.

• Gold: -70. The major support level $1,480 that we outlined in my previous update on June 24 held the market today. We would look for this level to be an important support level for gold. Resistance should come in between $1,500 and $1,510.

• Crude Oil: -85. The bounce that we have seen in the crude oil market was from an important Fibonacci retracement level and the oil price is now pretty much where it was before the 30 million barrel dump from the strategic reserves. It is probably clear to all that this was simply a symbolic political move. The trend is down based on our Trade Triangle technology. Look for resistance around the $96 a barrel level.

• US Dollar Index: -100. This market remains trapped in a broad trading range bounded by the June highs and the June lows. Support at 73.50 and resistance at 76.00. However, the Index is oversold.

• CRB Commodity Index: -85. As the price of oil goes so goes this index. I mentioned in my last broadcast on June 24 that the market was indeed oversold and at the lower end of the Donchian trade channel and that we expected a bounce. This happened as crude oil rallied and pulled up the CRB Index. The Williams %R is in mid-range which means that we are likely to stay in a trading range for a while longer. However, the Trade Triangles are negative on this Index at the moment.

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Get a free MarketClub analysis of your portfolio instantly – click here!

Source: INO.TV, July 1, 2011.

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