Technical Stock Market Forecasts for Swing Traders
Sunday, January 2, 2011
The Week Ahead
The week ahead, the first trading week of 2011, is going to be crucial. According to The Stock Traders Almanac, when the five days of January were up, the rest of the year was up, in the last 32 out of 37 years. That's a pretty good track record. And while historically the first day of January is not so hot, the fact that right now (7:45 PM EST) all three futures (ES, NQ, and YM) are up about a third of a percent, following their sharp rise in the closing minutes of last Friday, I'd say the odds are good that we'll see some positive action over the next few days. Accordingly, I'm leaving the green swing trend arrow in place for now.
Michele is a swing trader, a night owl, and a student of Japanese candlestick charts. She retired from a large tech company at the age of 50 and has now been trading US stocks and occasionally the e-minis on a full-time basis as an independent trader since 2004.
The Night Owl Trader publishes every trading day late at night (or very early in the morning) around 1 or 2 AM, with occasional bonus commentary and analysis thrown in on weekends.
The Night Owl is independent, ad-free, and made freely available to all. Contact me at nightowltrader (at) gmail.com.
BB - Bollinger Bands COT - Commitment of Traders Report DCB - Dead Cat Bounce MA - Moving Average RTC - Regression Trend Channel YTD - Year To Date
(My lawyer made me do it) This blog is not trading or investment advice, account management or direction. All trades listed here are presented only as examples of the author's personal trading style. Investing entails significant risk and trading entails even greater risks. Act accordingly.