Firstly I do hope you opened the email announcing the International Trading Profits Summit in beautiful, warm Palm Beach, USA in March. I really have assembled a wonderful team of traders to give you the tools and knowledge to make 2016 a fabulous year. Extended to three full days and kept at the same price of $750. So please come along.
Secondly, I wish you a very Happy and Prosperous New Year!
So, lets jump right in and take a look at what the new year is bringing in. All financial letter writers will be talking about the first week of trading, and in particular the stock markets, which have all had nearly a 10% down move from the 2015 highs.
With the markets rallying in the morning session only to be sold off in the afternoon, this the typical thumbprint of a market in crisis, with the bias to the downside. But let’s look at Hawkeye and the charts.
ES Monthly Chart
You can see where I have placed the yellow dotted line there had been four attempts to break that price, but now we are in congestion. With the Trend dots flat and white, and support off the Hawkeye Zones at 1785, and volume showing no demand and bias to the downside.
ES Weekly Chart
This makes it all far more visible. Price rejected off the Hawkeye Zones and testing the Hawkeye Zone at 1887. Interestingly, Friday’s volume was normal and close to the bottom of the range which leads me to think that it was an amateur down bar. If the professionals were selling there would have been far more volume.
ES Daily Chart
This really does tell the story – the downtrend on Thursday gave high volume followed by average volume on Friday. Again suggesting amateur selling not professional.
This week will tell all. There was good jobs news last week in the USA and the market should have rallied. So let’s see if it finds support off the daily and weekly Zones and rallies.
We certainly don’t want to be long until Hawkeye gives it to us on the daily and weekly. Major support is at hand. But with China in free fall, anything is possible
We demonstrate this and many other methods in our live demonstration room held every Wednesday, and this is open to everyone. Click this link for more information or to join us in class.
[The red arrows and lines are for illustration only and do not form part of the software]