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Don’t get sucked into this market. YET.

The overall market looks to be at a decision point lately. This can make for some large swings and potential false breakouts. Wait for clear signals from Hawkeye before making your move.

Chart 1 - S&P 500 Emini (ES) Daily

S&P emini daily(1)

The index future (ES) is still in distribution volume mode with up price moves on declining volume. The price will now test the Hawkeye stops (the red crosses below the price), but will need a large volume day to confirm. Don't get suckered into any break on light volume.

Chart 2 - S&P 500 Emini (ES) Weekly

emini weekly(1)

The dotted line drawn off the last Hawkeye pivot is also at the same level as the stops on the daily chart. So, a lot to get through, especially as the weekly chart has selling volume (indicated by the red arrow).

Note: the red arrows are placed for illustration only, and are not part of the software.

Hawkeye Perspective

Be very careful. The price will be tested as markets have to find their support and resistance levels. But if there is high volume with this test, wait first to pull back i.e. buying volume (green) followed by some selling volume (red) to say the markets have returned to uptrend.