Bouncing back? See which markets may be headed back up.

Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Thursday the 16th of June.

I ask myself this question this morning, what is going to put this market higher? The market action itself is not positive and the confidence level to drive the markets higher doesn't appear to be there in any large measure. The markets are rapidly drawing a line in the sand and when that line is broken and if you watch this show, I will tell you when. It's going to be every man and woman for himself. Get prepared for some extraordinary trading opportunities in the not to distant future.

Okay, now here's what's happening right now in the major markets ...

S&P 500: -60. The market action on Wednesday can only be described as negative. Tomorrow is going to be the key day for this market, a close lower than Wednesday's close should be viewed as extremely negative in my view. Major downside support is at 1250.

Silver:-60. I would watch this market very carefully as I feel that it is probably at the lower end of its range. We would use the Donchian channels as support. We may bounce around for another couple of weeks but come July I think we'll see this market on the move. Market is oversold and expect to see a bounce from current levels. Major Support at $34.00.

Gold: +80 All systems are go for gold and we expect this market to do better. We may continue in a tight range for a while but look for this market to make new highs in Q3. The lower Donchian channel comes in at $1,513 today. Major support at $1,500.

Crude Oil: -85 Crude was pushed down yesterday and broke through support and it would look as though this market could be a little bit more on the defensive as the view of the world economic conditions is contracting. I would not be in such a rush to buy this market today and I would wait for our trade triangle technology to kick in on the positive side before taking a long position.

The Dollar Index: +65. Despite yesterday's strong dollar rally this index and our longer term and mid term Trade Triangles remain negative. Resistance now at 76.00. The dollar index is now in overbought territory. Minor support at 74.00 Major support at 73.00.

The Thomson Reuters/Jefferies CRB Commodity Index: +55. This index is in an oversold condition and we expect to see further backing and filling. Near-term resistance at 345.00. Donchian channel support at 335.83. Market still appears to be in a broad trading range.

Click here to watch the 1pm Update for Thursday, June 16th, 2011.

18 thoughts on “Bouncing back? See which markets may be headed back up.

  1. Arlene,

    As a MarketClub member all you have to do is log into MarketClub and access the video from the Homepage shortly after the Live broadcast.



  3. anyone who is good trader in oil/silver/gold please contact me via yahoo messenger lpsftc
    Thank you

  4. I have went to the home page and I keep being redirected to sign in all over again. I am trying to get the 1 pm unpdate.

    1. Arlene,

      All is working on our end. Not sure why you are having a problem. Give our support team a call at 1-800-538-7424 and they will walk you through it.

      All the best,


  5. I agree with Val Stone. Everytime I try to read the 1 pm update it directs me to another page for non members and I have to sign in all over again.

  6. Adam, I am in Australia. I just spoke to Chris in Sydney re ASX stocks! I am so excited! I can not wait to get out from under the grips of a broker here!!!! Chris is wonderful to talk to and I look very forward to trading our wild and crazy markets here ( and maybe even getting more sleep as I trade in US as well...)

    I wish you every success with the ASX and I told Chris that I am 'first in, best dressed'!
    Shannon W ( the one who keeps writing you asking you WHEN IS ASX starting! )

    1. Shannon,

      We are excited at the prospect of having the ASX online for our members.

      Thank you for your kind comments.

      All the best,

  7. Going by 3-months back from Wed 6/15/11, we should have a Red Monthly Triangle on the S&P 500 now. Does Market Club consider those numbers relevent as compared to your numbers starting at the first of each month? Because your Monthly figures start from March 1st to compare, not an actual trailing 3-month period. Although, there is not much downtrend to go to create a Red Monthly Triangle from you method at this point. Just curious if we could read into the theory a little by using trailing periods by each day. Thanks for your Triangles, Smart Scan and charts.

  8. Why is it becming so difficult to look at your 1.00 pm updates ? For several days now when you click on the Video it direct you to a page for non members and asks you to sign in all over again.

    You need to sort this out pronto !

    1. Val,

      If you check your MarketClub Home Page you will notice that we have added Adam’s videos to the Home Page of MarketClub today for our members. This gives you access to the videos within minutes of the Live airing.


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