Actionable ideas for the busy trader delivered daily right up front
- Friday uncertain
- ES pivot 2046.67. Holding above is bullish.
- Next week bias uncertain technically.
- Monthly outlook: bias higher.
- ES Fantasy Trader standing aside.
Once again the market totally ignored a doji star reversal warning as the Dow managed another gain - this time just 33 points. And once again we were down, and then up. This is a great market for day traders, but not so much for swing traders. And with Friday being op-ex and in front of a holiday-shortened week, I'll let you know right away I'm calling this one uncertain once again, so there's no point in going over individual charts tonight.
The technicals
ES daily pivot: Tonight the ES daily pivot ticks up from 2045.17 to 2046.67. That leaves ES above its new pivot so this indicator is bullish.
Accuracy:
average points
January 5 10 6 0 0.333 64
February 5 2 2 1 0.750 107
March 12 3 6 0 0.800 431
April 9 3 5 0 0.750 482
May 6 7 6 0 0.462 -67
June 8 10 3 2 0.500 132
July 6 4 4 3 0.692 639
August 8 7 2 2 0.588 81
September 6 6 5 2 0.571 376
October 6 6 3 1 0.538 271
November 4 4 4 0 0.444 38
And the winner is...
Quite simply, the way things have been going lately and with an op-ex Friday on the line, all I can do is call Friday uncertain. And with a two-holiday week coming right up I'm going to take the entire week off. See you again Sunday night - in two weeks. For what it's worth, the technicals are looking vaguely bullish for Friday.
ES Fantasy Trader
Portfolio stats: the account now stands at $110,500 after ten trades in 2014, starting with $100,000. We are now 7 for 10 total, 5 for 5 long, 2 for 4 short, and one push. Tonight we stand aside.
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