By Adam Hewison
It has been quite a week with the Greek problem still not out of the woods. Ben Bernanke indicated that the economy is not so good after all. Plus the release of 30 million barrels of oil just enough for the US to get through a day or two. How crazy is all of that.
Okay, here it is the end of the week and the markets are mixed at 1pm. The Dow is down for the week right now, the NASDAQ is on the plus side, and the S&P500 is stuck in the middle of the road and has barely changed this week.
Now let’s take a look at what’s happening in the markets today…
S&P 500: -70. The market action continues to reflect a trading range. Major downside support is at $1,250. Upside resistance begins at $1,300.
Silver: -70. This market is heading for a test of the lower levels of the Donchian trading channel.
Gold: +55. An exit signal at $1,532.73 was given yesterday, as was a sell signal at $1513.18 for short term and intermediate traders only. Major support at $1,480. Major resistance at $1,550.
Crude Oil: -100. This market is at the lower levels of support. We wanted to buy for a trading turn around the $90.07 level which represents a 61.8% Fibonacci retracement. The trend is down based on our Trade Triangle technology.
The Dollar Index: -70. Pretty much the same as yesterday. Our indicators are still negative longer-term for this index. Minor support at $74.50. Resistance at $76.00. Look for a possible test of the upper line of the Donchian channel.
The Thomson Reuters/Jefferies CRB Commodity Index: -100. We are at the lower range of the Donchian channel and the market is oversold. We would not rule out some sort of bounce from current levels. Market is in a downtrend and moved out of the Donchian Channel due to the surprise crude oil announcement out of the White House yesterday.
[Ed. Note: Adam Hewison, President of INO.com wants to help you acheive financial success. Sign up for his FREE email Trading Course by clicking here now..]