Actionable ideas for the busy trader delivered daily right up front
- Tuesday higher, low confidence
- Last ES pivot 1253.25. New value tomorrow..
- Rest of week bias higher historically..
- Monthly outlook: bias up.
- ES Fantasy Trader reset to $100K.
Well here comes 2012, ready or not. This evening's edition is brief, since we're missing any input from the futures. I'm also having some computer issues this evening that need to be resolved right away. Suffice it to say that the earlier European, Australian, and Asian trading all seem to be guiding higher for Tuesday.
With all of the last two weeks charts distorted by light holiday trading as well as the year ending, it's tough to make any informed decisions on that either. Suffice it to say that we're still looking fairly overbought and more downside in not out of the question for the Dow and the SPX. The first trading day of the new year is also not favorable historically.
But without any futures, this is really just speculation. Let's see how Tuesday starts off so we can calibrate our charts to the new year. Wish I could be more specific but I see no real edge in jumping either way right now.
We'll resume the usual complete analysis Tuesday night. Happy New Year and happy trading!
ES Fantasy Trader
Today the ESFT account resets to $100,000. Since ES is still closed for the holiday right now, there is no trade tonight. Reminder, the main purpose of this section is to prove whether or not my market calls are any good, not necessarily for others to trade from.
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