In today’s update, I look at the overall market in terms of futures, showing that the markets are losing steam. All the signs of short-term weakness are here. Watch my analysis from a Hawkeye Perspective in today’s video.
Using daily charts, and a daily Hawkeye Fatboy, I can easily see the relative strength of the market. While the major US markets are strong, they are overbought, and now showing signs of potential weak trends.
The decorrelated markets are Crude oil and Gold. Crude is continuing a choppy trend of strength. All indications are for this to continue. Gold was oversold, but is now in a trend of strength. Buying volume is in support of higher prices in gold.
Overall, the markets are losing steam and showing signs of short-term correction in price. Knowing the longer trend helps us to know how to trade the intraday trends. Learn to trade the Hawkeye way.
Join Randy in the next free LIVE Hawkeye Demonstration Room held every Wednesday at 9.30am EST US. You will learn more about volume and volume price analysis and see more examples and live trade setups. It is open to all.
Learn to trade the Hawkeye way.