1PM Update (5/23/11)

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