Technical Talk: Daily market update (Friday, August 19, 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 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. Remember, the major trend is down for the equity markets and strong rallies represent shorting opportunities. Looking at the weekly charts, a close below 1,178.81 would be extremely negative. [PduP: The Index closed below this level on Friday – at 1,123.53.] The lowest close we have seen on the S&P 500 this year is 1,119.46. This is another level to watch carefully. We see this market going lower.

• Silver: +100. Our Trade Triangles kicked in and flashed a buy signal at 42.20 yesterday basis spot. Based on this signal, all traders should be either long this market or looking to trade silver from the long side. We made this call on Twitter on 8/16 telling everyone to set their orders to long.

• Gold: +100. Long term, intermediate and short term traders should hang on for the ride and protect profits with stops. It looks more and more likely that we will get close to the magical $2,000 an ounce. We expect to see professional profit taking and some shorting at that level.

• Crude Oil: -100. Long term, intermediate and short term traders should hang on for the ride and protect profits with money management stops. The longer term trend for crude oil is down based on our Trade Triangle technology.

• US Dollar Index: -60. This market has remained in a fairly well defined trading range for the last several months. With a Chart Analysis Score of -60 we would want to approach this market using our Donchian Trading Channels as well as our Williams %R indicator. The Index remains below its 200-day moving average while our longer term Trade Triangle remains positive.

• CRB Commodity Index: -100. While our bias is towards inflation, the index is currently indicating that we are in more of a deflationary scenario. We want to remain patient and let our Trade Triangles signal when this market has made a trend change to the upside. Long term, intermediate and short term traders should hang on for the ride and protect profits with stops.

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Source: INO.TV, August 19, 2011.

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