Actionable ideas for the busy trader delivered daily right up front
- Friday higher, medium probability.
- ES pivot 1201.67. Current price reasonably above that.
- Next week bias uncertain, short term top possible..
- Monthly outlook: bias down, but may change pending Europe news.
- ES Fantasy Trader going long at 1213.00.
The Dow put in an impressive 186 point gain today still without reaching overbought levels.
The technicals
Short version tonight. Everything I look at is pointing to the possibility of still more short term upside, though we're approaching some important resistance levels, like 11,717 in the Dow and 1229 SPX. So we still have a bit more room to run, and without seeing any oversold indicators I have to assume we're going back to take a look at those levels. And note that tomorrow is historically strong.
So I'm looking for a positive close tomorrow. That will make Monday a key day to determine what will happen regarding this resistance area. My guess is we may encounter some trouble getting past it, but with every little news item affecting the market so much lately, anything's possible.
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