Hello traders everywhere. Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Thursday the 23rd of June.
Choppy, choppy, markets. Today's action should be viewed as a test of the lower range in the S&P 500. This market is very close to breaking the 200 day moving average. Many traders consider this to be one of the most important long-term technical indicators for the equity markets. The exception to this is the NASDAQ that is already below the 200 day moving average and looks like we're going to see further downside action. The other big news was the sharp drop in precious metals. We were warning about this in our commentary yesterday as gold was grudgingly going up and up, popping above the upper levels of the Donchian channel. The release of 30 million barrels of crude oil will last about a day and a half in the US. This action can only be viewed in my mind as a desperate measure to win popularity for the current administration. I have seen many times in the past that when governments get involved in the markets, they never come out ahead. As we said in yesterday's video, a low risk entry point for short term traders should be around $90.07 at the bottom end of the Donchian channel.
Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Tuesday the 21st of June.
All eyes are on Greece as the vote will be taken this afternoon at five o'clock Eastern standard Time. That is a vote of confidence on the last 30 measures and also on the government. As you know, the market has been in an oversold condition and I think today's rally was reflective of that move from an oversold condition. Crucial 5 PM Vote comes in when the markets are closed. If there is a vote that is negative then these markets will come crashing down tomorrow. This is just like gambling in that no one knows what's going to happen with the Greek government. My own view is if they do agree on what they're doing it will just be kicking the can down the road.
Hello, traders everywhere. Adam Hewison here, co-founder of MarketClub with your 1 p.m. market update for Wednesday the 8th of June.
Most traders do not know what a real bear market feels like. No, I am not talking about the 2008 bear market. I am talking about a prolonged Bear market that just doesn't let up -- this type of market just claws away at your equity. You can learn how to easily protect your capital from this kind of disaster by going to MarketClub.
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