Hello traders everywhere, Adam Hewison here, co-founder of MarketClub with your 1 p.m. market update for Monday the 6th of June.
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 -1,290.
Silver: +60. This market reached the midpoint of the Donchian channel. The bullish divergence on the Williams %R indicator is now confirmed. Major resistance at $38.80. Near term support at 36.00. Major Support at $34.00.
Gold: +100. All time frames remain positive for this market. The $1,563 is the highest close ever recorded for gold and is resistance. Minor support at $1,540.00. Major support at $1,500, $1,475.
Crude Oil: +65. Trading range. Long term indicator remains positive. Resistance at $102.00 and $103.00 basis July. Choppy market. Bullish divergence confirmed on the Williams %R indicator.
The Dollar Index: -100. The longer term Trade Triangle remaining in a negative position. Index reversed from resistance at the 76.50 level. Resistance now at 75.00 and 76.50. Major support at 73.00.
The Thomson Reuters/Jefferies CRB Commodity Index: +60. Near-term resistance at 350.00. Major support at 335.00. Bullish divergence confirmed on the Williams %R indicator.
All the best,
President of INO.com
Co-founder of MarketClub