1p.m. Market Update (5/17/11)

Hello, Adam Hewison here for MarketClub. Watch what's happening right now in the markets ...

S&P500: -70. Market very oversold. Long term uptrend remains intact. Market at the lower end of the Donchian Channel. Neutral - Trading range

Silver: Score -70. possible bullish divergence on the Williams %R indicator.Major resistance at $39.50.Support at $32.00.

Gold longer term trend still positive. Score +55. Support at $1,462.50. Resistance at $1,526.Trading Range

Crude Oil: +55 neutral Trading range. Long term indicator remains positive. Possible bullish divergence on the Williams %R indicator.

The Dollar Index: Score +70. In a trading range with the longer term outlook remaining negative.Possible negative divergence. Look for a pullback?? Major resistance remains at 77.50.

The Thomson Reuters/Jefferies CRB Commodity Index: Score -70. Near-term resistance at 348.50. Support at 333.50.Market very oversold on hedge fund liquidation.

All the best,

Adam Hewison
President of INO.com
Co-founder of MarketClub

2 thoughts on “1p.m. Market Update (5/17/11)

  1. I'm new here aat MarketClub and wondering how the S&P can be oversold when it is at near all time high. I know yiour-70 score is bearish, but does it also mean oversold and how can that be justified with the S&P being at this level

    1. Bob,

      The S&P 500 index is oversold on a short term basis and is at the lower end of the Donchian channel. This is on the daily charts and does not apply to the monthly or weekly charts.

      Welcome to MarketClub, I'm sure you'll be very successful using our tools with your trading. If you have any questions please don't hesitate to contact our tech support staff.

      All the best,
      Adam

Comments are closed.