1PM Update (5/23/11)

Posted on by The INO.com Team

Hello, Adam Hewison here for MarketClub. I hope you were able to join me for today's market update. If not, all is not lost. Watch the video below to get caught up!

Here's what we covered in the major markets ...

S&P 500: -70. Only the longer-term monthly Trade Triangle remains intact at this time. Short-term market trend is down. Market at the lower end of the Donchian Channel. Neutral - Major Support at 1,295-1,300.

Silver: Score -55. Stuck at -55 as it continues to move sideways. Spot market needs to move over 36.00 to give this market upward momentum.Bullish divergence on the Williams %R indicator. Near term support at 34.25.Major Support at $32.00. Major resistance at $39.50.

Gold: Score +70. Longer term trend remains positive. All eyes are on $1,520 0n the upside. A close over this level propels market higher. Support at $1,490, $1,475 and $1,462.50. Resistance at $1,526. Market Trending higher.

Crude Oil: +70 Trading range. Long term indicator remains positive. Resistance at 100.80 basis July. Choppy market. Possible bullish divergence on the Williams %R indicator.SUPPORT AT $96.00 for the July contract.

The Dollar Index: Score +70. In a very broad trading range with the longer term Trade Triangle remaining in a negative position. Minor resistance at 76.50 and major resistance remains at 77.50. Minor support at 75.00

The Thomson Reuters/Jefferies CRB Commodity Index: Score +55. Near-term resistance at 344.00. Support at 327.50. Market oversold. Bullish divergence building on the Williams %R indicator. Trade Triangles are negative on this market.

Join me again tomorrow at 1:00p.m. ET for your LIVE and actionable update!

All the best,

Adam Hewison
President of INO.com
Co-founder of MarketClub

6 thoughts on “1PM Update (5/23/11)”

  1. UZO, ZORBA, How in the hell can I buy a Greek island for $42,000?
    The markets are right (confused), sell a put or a call. If EU says it will kicks the can... the dollar will roll over (as you suggest).
    I read National Geographic: the world's population is 17 million... our debt is $17 trillion. You do the math!
    Buying new corn or wheat wouldn't be a mistake.

  2. Is there a way to enlarge the video posting like a UTube video? I appreciate the video updates but they are so small that they are hard to see in detail. Thanks.

  3. I INFORMING TO CASEY RESHEARSH I OUT I GOUVERNEMENT PREFERT TO SELL ME 4 MILLIOS RETURMENT ,I ACCEPTING TO REGLING FAST I STRESS OF LST DAY I GIVING STMTOM OF ME M.S.
    I NOT ENJOY I REGLING AND OUT
    THANK

  4. Adam,
    I compared the Trade Triangles values as you discussed them and found major errors with the scores reported in the discussion below: Silver, you reported as at +55 whereas the reported score was -55. Gold and CRB also had conflicting values.
    I assume you are correct in your discussion.
    Stan

    1. Scharr,

      The score you see on the screen when I do my 1p.m. update are correct. I think there was a typo ( my mistake) in today's update. Always go with what you see on the screen as that is the latest number. The scores did (typo) did not in any way change my opinion of the market.

      All the best,
      Adam

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