In today’s market update, I’m watching the potential bullish breakout to the upside in the S&P 500 emini (ES). If today’s close is greater than 2634.50, we confirm a bullish break of congestion, and expect the market to advance higher, up to the next resistance zone.
From the charts
The daily charts show a strong bullish bar that is breaking out, but it needs to confirm by closing above 2634.50, our key breakout level. Notice the declining volume bars going into the low of the daily charts – this is hidden bullishness. Hawkeye volume also shows a great bullish reversal bar on the weekly chart. The monthly chart also confirmed a bounce off the lower trendline with increasing volume.
The Hawkeye Perspective
From our Six Ways a Market Moves teaching, we know that a break from consolidation leads directly into a trend run phase. So expect a bullish break from the S&P if today’s close is confirmed above 2634.50. Know where the markets are expected to go with your very own Hawkeye license.