Actionable ideas for the busy trader delivered daily right up front
- Thursday uncertain.
- ES pivot 2177.25. Holding below is bearish..
- Friday bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
Heh - it looks like CNBC must be reading the Night Owl. Right after I mentioned last night that it looked like "another snoozer" on the way, they had a piece today about how the SPX has gone 33 sessions without a 1% move, the most in over 30 years or something like that. I think it's a combination of summer vacations, Fed gaming, and pre-election hand-sitting. Everyone's waiting for some direction from somewhere and they're not getting it. In the meantime the markets just continue to drift without much direction.
For the record, last night I did mention that "There's a hint of a downward bias in the charts" and that's about what we got with a 66 point drop in the Dow.
So we'll go ahead and take another look at the charts anyway - for whatever much good that does these days.
Market index futures: Tonight, all three futures are essentially unchanged at 12:48 AM EDT with ES dead flat.
ES daily pivot: Tonight the ES daily pivot falls from 2185.33 to 2177.25. That still leaves ES below its new pivot so this indicator continues bearish.
January 9 5 5 0 0.643 1433
February 9 3 5 3 0.800 1133
March 8 6 6 1 0.600 222
April 6 4 8 2 0.667 416
May 9 3 4 4 0.813 756
June 8 5 7 1 0.643 1393
July 5 6 6 2 0.539 -304
August 1 3 3 0 0.000 120
And the winner is...
Tonight is playing out like a re-run of last night. With a continuing lack of direction, there's really very little I can say about the markets tomorrow. I'm not calling 20 or 40 point Dow moves. For the record, things are in fact looking a bit on the bearish side, with the VIX perking up a bit on Wednesday but it still isn't anything I feel good enough about to bake into a call. Therefore I continue to call Thursday uncertain. Maybe after Labor Day we'll start to see some action again.
YM Futures Trader
No trade tonight.