In today’s update, I discuss how the bull trend continues in the index markets. I don’t mention it in the video, but Gold almost made it to $1800/oz today, breaking through resistance like a hot knife in butter.
The Bull Trend Continues
From the daily ES chart (S&P 500), it’s clear to see the Hawkeye trend is in a strong bullish breakout. Last week, we alerted you to this potential, and it is being realizes even today. While the daily tend is clearly bullish, the weekly still has a way to go to confirm the break, as volume is still declining and is still showing bearish pressure. 2873.50 is the break point to the high side if we are going to see the up-trend continue. The upside target will be in the 3040 area. If 2873.50 holds, then we could see prices back down to the low-side support at 2634ish. At the moment, volume is still lower than expected, and volatility is continuing to drop, which are all signs of a continued upward price move.
Although I didn’t discuss it in the video, Gold has been remarkable in it’s bullish rise through price. Today, the GC (gold futures) almost hit $1800, a price level not seen since early 2013. GC cut through resistance at 1674 like a hot knife in butter, and looks to firmly have broken into the new supply zone area. Expect price to pull back to validate the 1674 break before it starts to consolidate in the 1800 area.
The Hawkeye Perspective
If you follow volume and price, it’s clear to know where the important breaks in price are, and where price is heading. Don’t miss the opportunities presented to you in these markets, and make sure to listen to what the markets are saying. Learn to trade the Hawkeye way.