Hello, Adam Hewison here for MarketClub with your 1 p.m. market update for Wednesday the 18th of May.
Watch what's happening right now ...
S&P500: -60. Market very oversold. Long term uptrend remains intact. Market at the lower end of the Donchian Channel. Neutral - Trading range.
Silver: Score -60. possible bullish divergence on the Williams %R indicator. Major resistance at $39.50. Support at $32.00.
Gold: longer term trend still positive. Score +65. Support at $1,462.50. Resistance at $1,526.Trading Range
Crude Oil: +80 neutral Trading range. Long term indicator remains positive. Mid point on the Donchian Channel. Possible bullish divergence on the Williams %R indicator.
The Dollar Index: Score +55. In a trading range with the longer term outlook remaining negative. Possible negative divergence. Look for a pullback?? Major resistance remains at 77.50.Minor support at 74.00.
The Thomson Reuters/Jefferies CRB Commodity Index: Score -55. Near-term resistance at 348.50. Support at 333.50. Market very oversold on hedge fund liquidation. Bullish divergence on the Williams %R indicator.
All the best,
Adam Hewison
President of INO.com
Co-founder of MarketClub
For centuries, despite the ups and downs of the economy, rare gold coins and precious metals have proven to retain their worth.
Gold seems to be having a rest before it jumps up again, my thoughts based on what it has been doing for the last couple of years is that it will bounce around the 50 day SMA then shoot on up for a month or two with a few little dips. I never let myself go crazy and invest all my money though because it could at some point reach a bubble point and pop! Im not a strong enough trader to predict if that will or wont happen and not enough of a gambler either.... hope everyone else has luck in the decisions they make.