Market action Tuesday morning is largely random, and one of the worst things you can do is create a narrative when there isn’t one.
Folks are still coming back from the holiday, Monday was very quiet, and volume is still very low, though, it’s getting better. Once volume hits the 50-day moving average, then we’ll get moving.
There’s just not much going on this morning, and that’s OK. I would imagine a full day of institutional trading volume will be back by Wednesday.
When volume is low, we can see big moves, but they often can’t sustain themselves.
We have a major report coming out in the form of JOLTS at 10 a.m. ET, and this report can move markets.
Nothing is going on with crude oil or gold, but I believe gold is going to go lower, especially if it breaks the 100-day moving average with rising volume. Then it could be time to sell gold, but we’re not quite there yet!
Bitcoin is also right at the eight-day EMA, so buyers are still in control. Here’s what I need to see from Bitcoin in the days ahead…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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