All eyes are on Greece as the vote will be taken this afternoon at five o'clock Eastern standard Time. That is a vote of confidence on the last 30 measures and also on the government. As you know, the market has been in an oversold condition and I think today's rally was reflective of that move from an oversold condition. Crucial 5 PM Vote comes in when the markets are closed. If there is a vote that is negative then these markets will come crashing down tomorrow. This is just like gambling in that no one knows what's going to happen with the Greek government. My own view is if they do agree on what they're doing it will just be kicking the can down the road.
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 ... Continue reading "1PM Recap"
Hi, Adam Hewison here for MarketClub. Did you miss your 1 p.m. market update for Tuesday the 24th of May? Catch up now!
Here's what's happening right now in the major markets ...
S&P 500: -60. Only the longer-term monthly Trade Triangle remains intact at this time. Short-term market trend is down. Market at the lower end of the Donchian Channel. Neutral - Major Support at 1,295-1,300.Would not be surprised to see a possible bounce.
Silver: Score +55. Today's action favors more of a recovery on the upside. Spot market moved over 36.00. Bullish divergence on the Williams %R indicator confirmed. Near term support at 34.25. Major Support at $32.00. Major resistance at $39.50. Short-term rally potential up to 42.00.
Gold: Score +70. Longer term trend remains positive. The $1,520 was broken today and a close over this area indicates more upside action. Support at $1,500, $1,475 and $1,462.50. Market Trending higher.$1,533 is a 62% Fib retracement.
Crude Oil: +80 Trading range. Long term indicator remains positive. Resistance at 100.80 basis July. Choppy market. Bullish divergence confirmed on the Williams %R indicator.A close over $100 basis July is needed to drive prices higher.
The Dollar Index: Score +60. 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" forming today and a Negative divergence on the Williams%R indicator.
The Thomson Reuters/Jefferies CRB Commodity Index: Score +55. Near-term resistance at 344.00. Minor support at 335.00. Market oversold. Bullish divergence building on the Williams %R indicator. Trade Triangles are negative on this market.
All the best,
President of INO.com
Co-founder of MarketClub
As usual, we have a busy Thursday planned! Not only did you have a LIVE 1PM ET market update, but Adam and Susan will be coming to you LIVE at 7PM ET from the studios of MarketClub. This is the first episode of Marketclub TV since Adam's return, so you don't want to miss it!
Watch what you missed from the 1PM ET Update for 5/19/11:
S&P500: -55. As we mention on Monday and Tuesday the Market is very oversold. Long term uptrend remains intact. Market at the lower end of the Donchian Channel. Neutral - Resistance at 1370
Silver: Score -55. possible bullish divergence on the Williams %R indicator.Major resistance at $39.50.Support at $32.00.
Gold: Score +65. Longer term trend remains positive. Support at $1.475 and$1,462.50. Resistance at $1,526.Trading Range
Crude Oil: +70 Trading range. Long term indicator remains positive. Resistance at 100.80 basis June.Choppy market. Possible bullish divergence on the Williams %R indicator.
The Dollar Index: Score +55. In a trading range with the longer term outlook remaining negative.Possible negative divergence. Look for a pullback?? Minor resistance at 76.00 and major resistance remains at 77.50. Minor support at 74.00
The Thomson Reuters/Jefferies CRB Commodity Index: Score -55. Near-term resistance at 348.50. Support at 333.50.Market very oversold on hedge fund liquidation.Bullish divergence on the Williams %R indicator.
See you there,
The MarketClub Team