Hi, Adam Hewison here with MarketClub. Here is a recap of your 1 p.m. market update for Thursday, the 26th of May.
Here's what's happening in the major markets ...
S&P 500: -60. Only the longer-term monthly Trade Triangle remains intact at this time. Market at the lower end of the Donchian Channel. Neutral - Major Support at 1,295-1,300.
Silver: +75. This market reached the midpoint of the Donchian channel. The bullish divergence on the Williams %R indicator is now confirmed. Major resistance at $39.50. Rally potential up to 42.00. Near term support at 36.00. Major Support at $34.00.
Gold: +100. Longer term trend remains positive. The $1,533 which is a 62% Fib retracement and is resistance today. Minor support at $1,514.00. Major support at $1,500, $1,475.
Crude Oil: +70 Trading range. Long term indicator remains positive. Resistance at 102.00 basis July. Choppy market. Bullish divergence confirmed on the Williams %R indicator.A close over $101.90 basis July is needed to drive prices higher this could happen today.
The Dollar Index: +55. In a very broad trading range with the longer term Trade Triangle remaining in a negative position. Index reversed from resistance at the 76.50 level. Resistance now at 76.50 and 77.50. Minor support at 75.00. Possible "Dark Cloud Cover" formed and a close today below 75.70 confirms that candle pattern. Negative divergence on the Williams%R indicator.
The Thomson Reuters/Jefferies CRB Commodity Index: +55. Near-term resistance at 345.00. Minor support at 340.00. Bullish divergence building on the Williams %R indicator.
Join Susan and I tonight, LIVE at 7PM EST for another episode of MarketClub TV!
All the best,
Adam Hewison
President of INO.com
Co-founder of MarketClub
