Hi, Adam Hewison here with MarketClub. Here is a recap of your 1 p.m. market update for Wednesday the 25th of May.
Here's what's happening in the major markets ...
S&P 500: -70. Only the longer-term monthly Trade Triangle remains intact at this time. Market at the lower end of the Donchian Channel. Neutral - Major Support at 1,295-1,300. As we mentioned yesterday we expected to see some sort of bounce from current levels. We believe that bounce is underway.
Silver:+75. Score as we reported yesterday this market was in a upward swing in the move over 36 on the close yesterday proved our point. With the bullish divergence on the Williams %R indicator now confirmed we expect to see more upward action. Major resistance at $39.50. Short-term rally potential up to 42.00.Near term support at 36.00. Major Support at $34.00.
Gold: Score +90. Longer term trend remains positive. See all blog comments and video today. The $1,533 which is a 62% Fib retracement acted as resistance today. Minor support at $1,520. Major support at $1,500, $1,475.
Crude Oil: +80 Trading range. Long term indicator remains positive. Resistance at 100.00 basis July. Choppy market. Bullish divergence confirmed on the Williams %R indicator.A close over $100 basis July is needed to drive prices higher could happen today.
The Dollar Index: Score +70. In a very broad trading range with the longer term Trade Triangle remaining in a negative position. Index reversed from resistance at the 76.50 level. Major resistance remains at 77.50. Minor support at 75.00. Possible "Dark Cloud Cover" formed yesterday and a lower close today confirms that candle pattern. Plus there is a Negative divergence on the Williams%R indicator.
The Thomson Reuters/Jefferies CRB Commodity Index: Score +55. Near-term resistance at 345.00. Minor support at 340.00. Bullish divergence building on the Williams %R indicator.
All the best,
President of INO.com
Co-founder of MarketClub