The markets are letting off steam in today’s Hawkeye update. I show from a uniquely Hawkeye perspective what to expect from the major market indices.
I go in order from the S&P 500, the Nasdaq, Dow, Russell, Crude Oil, then Gold. All of the major markets are in correction mode, and the flight to safety is evident. I show the major support and resistance areas and expected correction for each of these markets.
Gold of course is the safety net, which itself is in correction after an extended yearly downtrend. It’s nice to see this bullishness in Gold, as it breaks it’s 2nd overhead resistance level around 1680. Please refer to my previous article on Nov 8th, 2019 entitled Gold is Starting to Glitter Again
Each of the stock indices are showing partial “head and shoulders” formations, with the exception of the Russell, which already formed a nice H&S pattern.
The Hawkeye Perspective
The markets are strong and continue to show resilience, but with volatility spiking, and fear creeping back into the markets, corrections are inevitable, although healthy. The markets are letting off steam. But from these longer-term perspectives, it is very helpful for those trading shorter-term, intraday trends.
Learn how we analyze the markets from a uniquely Hawkeye perspective, and learn to trade the Hawkeye way.