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.
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.
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.