Hello traders everywhere, Adam Hewison here, co-founder of MarketClub with your 1 p.m. market update for Tuesday the 7th of June.
Here's what's happening in the major markets ...
S&P 500: -60. 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 $1,250.
Silver: +65. This market reached the midpoint of the Donchian channel. Trading Range Major resistance at $38.80. Near term support at 36.00. Major Support at $34.00.
Gold: +90. All time frames remain positive for this market. The $1,563 is the highest close ever recorded for gold and is resistance. Possible pullback from channel. Minor support at $1,540.00. Major support at $1,500, $1,475.
Crude Oil: +55 Trading range. Long term indicator remains positive. Resistance at $102.00 and $103.00 basis July. Choppy market.Heading for the lower end of the Donchian channel.
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. Trading RAnge
All the best,
President of INO.com
Co-founder of MarketClub