Hello traders everywhere! Adam Hewison here, President of INO.com and co-creator of MarketClub, with your video update for Thursday, the 3rd of April.
Indices
Major Trend : BULLISH
Intermediate Trend : BULLISH
One lesson I learned a long time ago in my trading career was to never fight the trend. Trends tend to persist longer and go further than most expect. Yesterday, the Dow 30 gave a signal that it was once again resuming its upward trend, joining the S&P 500 in a positive trend. The NASDAQ is in a neutral and sideways mode. Watch today’s video to see my upside target levels.
Gold
Major Trend : BULLISH
Intermediate Trend : BEARISH
Short-Term Trend : BEARISH
While the short-term outlook for gold is still bearish, Gold (FOREX:XAUUSDO) is now in a Fibonacci area of support between $1,280 and $1,266. The latter price being a 61.8% retracement from the highs that were seen on March 16th and the lows set last December 19th. With the monthly Trade Triangle still positive, I continue to be positive longer-term on gold. However, I want to see it consolidate just a little more, then turn both the intermediate (weekly Trade Triangle) and the short-term (daily Trade Triangle) Triangles positive.
The Dollar
Major Trend : BULLISH
Intermediate Trend : BEARISH
Short-Term Trend : BULLISH
At the present time, the Euro/USD (FOREX:EURUSD) is in a trading range based on a -55 Chart Analysis Score. Look for this cross to continue to be choppy until it reestablishes its upward trend in favor of the Euro. I would look for support to come into this market around the 1.3700 level. I am presently neutral on this market.
Crude Oil
Major Trend : BULLISH
Intermediate Trend : BEARISH
Short-Term Trend : BEARISH
The Crude Oil (NYMEX:CL.K14.E) market has a negative tone to it in the intermediate and short term. Based on our approach to trading crude oil, you should be short this market from the $99.40 a barrel level. Presently the market is trading right around that area. I would protect that position for the moment with stops at the $102 area. Should crude oil close below $99 on Friday, I would view that as negative, as the market would have created an bearish "engulfing line" to the downside. Watch tomorrow's close on the May contract.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.
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