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- Tuesday lower, low confidence.
- ES pivot 2000.50. Holding below is bearish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- ES Fantasy Trader standing aside.
Our call for a higher Monday never really got off the ground as the Dow bobbed about on Monday, always just a bit underwater. Though the Nasdaq did have a small gain - but that's the Nasdaq. Turns out this was one of those days when that pesky thing called Real Life (TM) interfered with my writing time so tonight we're presenting the Trader's Digest Condensed Version of the Night Owl. Rest assured I still looked at the charts, I'm just not writing about them.
ES daily pivot: Tonight the ES daily pivot ticks down from 2000.67 to 2000.50. Unfortunately, we're now below the new pivot so this indicator turns bearish.
And the winner is...
We cut right to the chase: what looked like a breakout on Friday is now looking more like just an expansion of a trading range. Things a looking a bit gloomier all around tonight than last, so I think that warrants a call for Tuesday lower.
ES Fantasy Trader
Portfolio stats: the account remains $114,250 after eight trades in 2014, starting with $100,000. We are now 6 for 8 total, 4 for 4 long, 2 for 3 short, and one push. Tonight we stand aside.