Actionable ideas for the busy trader delivered daily right up front
- Wednesday higher.
- ES pivot 2056.75. Holding above is bullish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias lower.
- Single stock trader: VZ not a swing trade buy.
After a giant dive on Monday that I thought was vastly overdone the markets did indeed rebound on Tuesday in a typical DCB. At this point, I'm on semi-vacation. No charts, just the bottom line.
ES daily pivot: Tonight the ES daily pivot falls again from 2060.33 to 2056.75. That finally puts ES back above its new pivot so this indicator turns bullish.
January 8 6 4 1 0.563 627
February 6 4 5 3 0.692 183
March 7 6 5 4 0.647 976
April 3 8 7 0 0.273 1
May 6 5 5 2 0.615 581
June 8 6 3 4 0.706 552
And the winner is...
Tonight we're seeing a bunch of good reversal signs in the charts. It doesn't hurt that the first of most months is historically bullish too. So I'm just going to call Wednesday higher.
Single Stock Trader
VZ did not participate in Tuesday's rally. Look for it to hit its lower BB (46.49) before reversing.