Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Friday the 10th of June.
It would appear as though the equity markets are continuing their losing streak with another negative week. the last time we saw equities lose six weeks in a row was back in 2002!
Yesterday's DEAD CAT bounce was just that, a DEAD CAT bounce.
Okay, now here's what's happening today in the major markets ...
SP 500: -70. Only the longer-term monthly Trade Triangle remains intact at this time. Trading Range - Neutral - Major Support at $1,250. Look's like we are headed down to test the March lows around $1,250.
Silver: +55. This market has remained in a trading range for the last month. Major resistance at $38.80. Near term support at $36.00. Major Support at $34.00.
Gold: +85. This market backed off the top of the Donchian Channel. The $1,553 is now near-term resistance. Minor support at $1,520.00. Major support at $1,500.
Crude Oil: +70. Trading range. Long term indicator remains positive. Resistance at $102.00 and $103.00 basis July. Choppy market.
The Dollar Index: -75. The longer term and mid term Trade Triangles remain in a negative position. Resistance now at $75.00 and $76.50. Minor support at $73.50 Major support at $73.00.
The Thomson Reuters/Jefferies CRB Commodity Index: +90. Near-term resistance at $353.00. Minor support at $345.00. Major support at $335.00. Trading range.
Access my past updates and MarketClub TV episodes! Unfortunately, both the 1PM update and MarketClub TV episode for 6/9/11 still are not available on livestream.com. However, we are doing our best to get them posted ASAP. Thanks for understaning!
All the best,
President of INO.com
Co-founder of MarketClub