{"id":37853,"date":"2016-03-14T13:53:19","date_gmt":"2016-03-14T17:53:19","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=37853"},"modified":"2016-03-14T13:53:19","modified_gmt":"2016-03-14T17:53:19","slug":"this-is-status-quo-time","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2016\/03\/this-is-status-quo-time\/","title":{"rendered":"This Is Status Quo Time"},"content":{"rendered":"

Hello MarketClub members everywhere! Despite the rally on Friday, there's been little change to the overall status quo of a broad trading range that I believe the indices are in.<\/p>\n

Indices<\/h2>\n

On Friday the DOW (INDEX:DJI)<\/a> closed at its best levels in 10 weeks, bringing it back up to the Nov\/Dec lows which should act as natural resistance. The Dow is still in a 61.8% Fibonacci close-only retracement mode and should begin to falter around current levels. That's not to say that it can't go a little higher, but I think that it's doubtful that it can sustain higher values.<\/p>\n

\"\"<\/a><\/p>\n

You can see much of the same picture with the S&P 500 (CME:SP500)<\/a> as it is back into an area of Fibonacci resistance. I still believe that this index is cranking out a major top which began in August 2014. This week should be an interesting one as I expect to see more two-way trading, the key of course is where it closes Friday.<\/p>\n

Out of the three major indices, the NASDAQ (NASDAQ:COMP)<\/a> is by far the weakest one. This index is just back to its 50% Fibonacci retracement level and back to the 50 line on the weekly RSI indicator. The 50 level on the weekly RSI, along with Fibonacci resistance levels should create a trading range environment before this index turns back down.<\/p>\n

Crude Oil<\/h2>\n

In early trading, crude oil (NYMEX:CL.J16.E)<\/a> has dropped over 4% and the Trade Triangles exited a long position today for a 70% profit. I still believe that crude oil is in the midst of putting in a major bottom and I expect to see back-and-forth trading as this bottom expands. I will be looking at crude oil closely today as I see the potential for much higher prices in the future, if and when this one technical indicator turns around.<\/p>\n

Gold<\/h2>\n

Presently the Trade Triangles are on the sidelines. Based on the large negative divergence on the daily charts along with the Trade Triangles, I think that's the right place to be at the moment. Looking at the daily RSI indicator which is currently at the 57.9 level, I would like to see how it handles itself when it gets to the RSI 50 support line. I remain positive longer-term as I believe that gold (FOREX:XAUUSDO)<\/a> has made a major low and is likely to be positive for the next several years.<\/p>\n

Stay focused and disciplined.<\/p>\n

Every success with MarketClub,
\nAdam Hewison<\/a>
\nPresident, INO.com
\nCo-Creator, MarketClub<\/p>\n","protected":false},"excerpt":{"rendered":"

Hello MarketClub members everywhere! Despite the rally on Friday, there's been little change to the overall status quo of a broad trading range that I believe the indices are in. Indices On Friday the DOW (INDEX:DJI) closed at its best levels in 10 weeks, bringing it back up to the Nov\/Dec lows which should act […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[8317,8305,6249,5519,3157,4257,6320,6319],"class_list":["post-37853","post","type-post","status-publish","format-standard","hentry","category-trading-videos","tag-chart-anslysis","tag-crude-oil-nymexcl-j16-e","tag-dow-indexdji","tag-gold-forexxauusdo","tag-market-analysis","tag-mid-day-report","tag-nasdaq-nasdaqcomp","tag-sp-500-cmesp500"],"yoast_head":"\nThis Is Status Quo Time - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2016\/03\/this-is-status-quo-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Is Status Quo Time - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Hello MarketClub members everywhere! Despite the rally on Friday, there's been little change to the overall status quo of a broad trading range that I believe the indices are in. 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