Actionable ideas for the busy trader delivered daily right up front
- Tuesday lower.
- ES pivot 2075.42. Holding below is bearish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- Single stock trader: VZ may be a buy soon.
Bah - I blew Monday's call badly and what's worse I had a bunch of errands to run all day long and never really got a chance to play Stock Market. I hate it when Real Life (TM) gets in the way of stock trading. So I guess it's time for another Reader's Digest Condensed Night Owl - we cut right to the chase because that's all the time I have left tonight.
ES daily pivot: Tonight the ES daily pivot falls again from 2079.92 to 2075.42. We remain below the new pivot so this indicator remains bearish.
January 8 6 4 1 0.563 627
February 6 4 5 3 0.692 183 March 1 2 1 2 0.600 52
And the winner is...
Hard to say - the indicators are all oversold now but we remain in a downtrend and have yet to get a good reversal candle. Monday's rally could be just a relief rally and I'm not liking the overnight ES action. I do think we're close to an end of the week-long decline but I'm not sure it will be Tuesday. So I'm going to stick to my guns and call Tuesday lower.
Single Stock Trader
I believe VZ is nearing a bottom now but I'm not quite ready to get back in just yet.