Actionable ideas for the busy trader delivered daily right up front
- Monday uncertain.
- ES pivot 2074.50. Holding above is bullish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- ES Fantasy Trader standing aside.
We regrettably had to take last Friday off but in the end if was no big deal. The market was up a bit and no major resistance or support lines were breached. As it turns out I'm still running a bit behind so while I've done all the usual analysis, tonight I'll just present the results and skip the individual charts. It's the Reader's Digest Condensed Night Owl. I am planning to be fully caught up by Monday night.
ES daily pivot: Tonight the ES daily pivot rises from 2070.17 to 2074.50. That move combined with a basically flat overnight leaves ES less than one point above its new pivot. So that's still bullish but not by much.
And the winner is...
Tonight there's a whole bunch of dojis in the charts indicating a fair amount of uncertainty, perhaps over some weak numbers out of Asia. In any case, there's not really enough direction to call the market either higher or lower tonight so we'll just have to settle for Monday uncertain.
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.