In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we observe US Equity weakness.
Global Indices
Over the last two days, we have seen the choppiest Global Indices markets for some time. Some traders are taking profits at these highs and others are looking for value at lower prices. This is making for very choppy market conditions.
US Indices, S&P 500, DOW and NASDAQ are all experiencing similar volatility from yesterday’s price action. The price that would represent significant confirmation that prices will move lower in the S&P 500 would include a break below yesterday’s low of 2709. That same level in the DOW is 24900 and in the NASDAQ its the 6887.
Additionally, levels of real note in the FTSE is a sell trade below 6923 and Euro Stoxx at the break below 3173.
Gold
With all of the action going on in the Equity markets, it is easy to miss other opportunities. With the obvious global instability on many fronts, the Gold market is looking like an interesting opportunity. After over 2 months of downwards facing consolidation, it has now broken to the upside. Consequently, a break above yesterday’s high of 1226.31 would constitute a high probability trade to the upside and one worth considering.
US Equity Weakness – Full Video Analysis
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