Hello, Adam Hewison here for MarketClub. A lot has happened since I've been gone, but it's time to focus on what's happening right now! Here is a preview of what's ahead for your 1PM market update for Monday the 16th of May.
SP500 +65 and moving sideways. Up trend still intact. Market at the lower end of the Donchian Channel. Target remains at 1,4000.
Silver possible bullish divergence on the Williams %R indicator.Major resistance at $39.50.
Gold longer term trend still positive. Support at $1,462.50. Resistance at $1,526.
Crude Oil neutral with a + 65 reading. Long term indicator remains positive. Possible bullish divergence on the Williams %R indicator.
The Dollar Index is trapped in a trading range with the longer term outlook remaining negative. Major resistance at 77.50.
The Thomson Reuters/Jefferies CRB Commodity Index, is negative with a 60% reading. Near-term resistance at 348.50. Support at 333.50.
All the best,
President of INO.com
Co-founder of MarketClub