Technical Talk: Daily market update (Tuesday, September 13, 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: -75. The two important lows that were established on August 26 and again on September 6, around the 1,140 area, are shaping up to be an important battleground for traders. The bulls need to have this area remain intact in order for the market to go higher. The bears must break through this area to continue the market’s downward trend. Long-term traders should continue to be short or be out of the market completely, and in a cash position. Intermediate term traders should be on the sidelines waiting for either a buy or sell signal based on our Trade Triangle technology.

• Silver: +65. The silver market continues to remain in a long term uptrend. However, the short term daily Trade Triangle is negative. With a Chart Analysis Score of +65 it would appear that this market is in a trading range. We want to watch this market very carefully over the next few days and are looking for an area to add to long positions. Intermediate and longer term traders should maintain long positions in this market with appropriate stops.

• Gold: +55. With a Chart Analysis Score of +55, it would appear that the gold market is in near-term trading range. Providing that our monthly and weekly Trade Triangles remain intact, we want to approach this market from the long side. The Williams % R is not yet in an oversold condition. The $1,850 to $1,900 levels are resistance for gold at the moment. Support comes in around the $1,800 area and extends all the way down to $1,750. Looking at the market, it would possibly appear as though we have put in a double top. This will only be confirmed with a close below the $1,750 level. Intermediate and long-term traders should maintain long positions with the appropriate stops in place.

• Crude Oil: +60. The crude oil market once again came very close to moving over the $90 level, and at the time of this report has failed. Presently the Trade Triangles are mixed, indicating that this market is in a trading range. We would use a trading range type strategy to trade this market. Those tools would consist of the Williams % R indicator, the Donchian Trading Channels and the Parabolic SAR indicator. The big trend monthly Trade Triangle remains negative for this market. Look for crude oil to continue to move in a sideways to lower manner.

• US Dollar Index: +100. We are looking for this market to regroup above the 76.50 area. Longer-term, this market looks poised to move much higher and we would use pullbacks to the 76.60 level as a buying opportunity. This index is coming from a large energy field that is capable of carrying it much higher, possibly up to the 80.00 area. All of our Trade Triangles are currently positive.

• CRB Commodity Index: -55. With a Chart Analysis Score of –55, this index is trapped in a trading range. It is possibly starting to build an energy field to move higher. We would recommend trading this market using the Williams % R indicator and the Donchian Trading Channels. Intermediate and short term traders should be out of this market and on the sidelines at the present time.

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Source: INO.TV, September 13, 2011.

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