Sometimes markets can be very frustrating when they lack direction and appear to be indecisive as to which direction they want to move. When that happens, I always take a look at the major trend, as that gives you a strong clue as to what the future is going to bring.
Every market cycle has its ups and downs and markets tend to go higher and lower than most people anticipate. It is just the nature of the beast.
In today's video, I'm going to look at the big picture in the Dow, NASDAQ and the S&P 500. Each of these indexes are microcosms of what traders are thinking.
I think we are beginning to see a lot of frustration in gold trading as gold seems to lack any strong movement one way or another. Gold is now back down to a support area which, in the past, has been enough to turn gold back to the upside. We will see if that holds true this time.
I will also be looking at the Eurodollar and the ETF FXE, which mirrors that particular cross (i.e. the euro against the dollar). That market has come to a particularly important junction and I will explain and show you in detail in today's video.
I will also be examining crude oil and looking to see if the downward trend has once again resumed for this particular commodity.
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It has been a short trading week and that's all the reason why you should pay particular attention to Friday's trading. The market action on Friday could be a major indicator for what's coming next week. Yesterday, I showed you some key levels that I am looking at and we'll talk about that briefly today.
Have a great trading day everyone.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
