A Potential Breakout is Forming

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A Potential Breakout is Forming

In today’s market update, I show how the S&P 500 emini futures contract is showing us that a potential breakout is forming. From the Daily chart, we saw bullishness forming last week (May 14th) from a reversal bar, and we expected higher prices this week. However, we didn’t expect it to happen in 2 days!

From the charts

The daily ES chart (up 3.7%) will confirm a break from consolidation if we can close today, May 18th, above 2947. This bullish breakout is inline with the bullish volume reversal signal we identified on May 14th. This also agrees with the ES weekly chart, where we saw a bullish reversal signal identified on Mar 27th, right at the low of the correction.

The S&P isn’t the only instrument looking to breakout today. The Nasdaq (NQ) is confirming a return to a bull trend with today’s 2.7% rise. Today’s breakout will put NQ a stone’s throw away from pre-corona virus price levels… what a beast!

But today’s real monster is the Russell 2000 Index future, RTY. Today, it’s up 6.7% and also has the potential for a bullish breakout from consolidation. All of these instruments, ES, NQ, YM, and RTY signals this bullish intent last week on May 14, and now today are making good their intentions. If you own a copy of Hawkeye, you can see this for yourself. However, if you don’t, you need to get your own copy so you too can see the market’s intent, and be ready to profit from these breakouts.

The Hawkeye Perspective

When we see confirmed volume reversal signals, we are trained to know what to do. We know how to respond and see the markets from a different perspective… the Hawkeye Volume perspective. Don’t let another day go by without getting on board. Learn to trade the Hawkeye way.

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