Actionable ideas for the busy trader delivered daily right up front
- Friday higher, low confidence.
- ES pivot 1244.08. Holding above is bullish.
- Next week bias higher if resistance broken.
- Monthly outlook: bias up, on technicals.
- ES Fantasy Trader standing aside.
What a difference an hour makes. In the time it took me to write last night's post, the situation changed dramatically. Once ES broke through its daily pivot, I canceled my bearish call and I'm glad I did, since the Dow ended gaining a welcome half a percent today.
Tomorrow is not only Friday but the last trading day before Christmas. Volume will be even lighter than today and all the big players will be home sipping eggnog, skiing in Aspen, or helicoptering to the Hamptons if they haven't already left. I plan to do the same (well at least the eggnog part). There's little point in doing a detailed analysis tonight, so let me just say that from what I saw today I think there's still a bit more upside available but we're close to some Dow resistance at 12,225.
However, the handle part of the cup and handle I mentioned earlier this week is finishing off nicely and that's quite a positive indicator. And with ES having easily broken over its 200 day MA today and continuing nicely positive in the overnight (we're up 0.58% at 2:05 AM EST), I wouldn't be surprised to see at least a bit more upside tomorrow.
On that note I wish happy holidays to all my readers and I'll see you again Monday night.
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