Hello, Adam Hewison here for MarketClub with your 1 p.m. market update for Wednesday the 18th of May.
S&P500: -60. Market very oversold. Long term uptrend remains intact. Market at the lower end of the Donchian Channel. Neutral - Trading range.
Silver: Score -60. possible bullish divergence on the Williams %R indicator. Major resistance at $39.50. Support at $32.00.
Gold: longer term trend still positive. Score +65. Support at $1,462.50. Resistance at $1,526.Trading Range
Crude Oil: +80 neutral Trading range. Long term indicator remains positive. Mid point on the Donchian Channel. 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?? 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.
All the best,
President of INO.com
Co-founder of MarketClub