Technical Talk: Daily update (Wednesday, June 15, 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.

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: -70. The market action today can only be described as negative. The Trade Triangle score is now -70 and our downside target for this market is 1,250 where major downside support should be encountered.

• 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 along with the fact that this market is oversold and expect to see a bounce from current levels. Major support at $34.00.

• Gold: +70. Gold is currently oversold and we expect to see this market bounce sometime in the near future. We would not be surprised to see further sideways action, but we want to be long this market as the Donchian channel comes in at $1,503. Major support is at $1,500.

• Crude Oil: +55. Trading range, choppy and oversold. This market continues to pound out a base to go higher. Long-term indicator remains positive. Support comes in at $96/barrel.

• US Dollar Index: -55. Despite today’s strong dollar rally, the longer-term and mid-term Trade Triangles remain negative. Resistance now at 76.50. The Dollar Index is now in overbought territory. Minor support at 73.50 and major support at 73.00.

• CRB Commodity Index: +55. This Index is now beginning to reach an oversold condition and we may see further backing and filling-in softness. Near-term resistance 350. Minor support at 340; major support at 335.

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Source: INO.TV, June 15, 2011.

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