Actionable ideas for the busy trader delivered daily right up front
- Tuesday higher.
- ES pivot 2013.00. Holding above is bullish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias lower.
- Single stock trader: VZ now a swing trade buy.
After a scare early Monday that left me wondering where I had gone wrong as I watched the market fall again, it was gratifying to see the Dow turn around and end the day with a nice 103 point gain. Tonight I'm out of time to put togehter the usual show as sometimes happens so it's another Night Owl Lite Nite Less for me to write, less for you to read - that's a win-win as we thread our way through this treacherous week.
The technicals
Market index futures: Tonight, all three futures are higher at 12:19 AM EST with ES up 0.16%.
ES daily pivot: Tonight the ES daily pivot falls again from 2023.67 to 2013.00. That's finally enough to put ES back above its new pivot so this indicator now turns bullish.
Accuracy:
Month right wrong no call conditional batting Dow
average points
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
July 10 1 5 4 0.938 1212
August 10 2 3 2 0.857 2314
September 7 4 8 1 0.667 1404
October 7 7 5 1 0.533 538
November 4 6 4 2 0.500 -350
December 5 2 3 0 0.714 506
And the winner is...
Let's cut right to the chase. I'm seeing enough reversal signs on the charts tonight, and the market is now sufficiently oversold that I'm going to call Tuesday higher as traders position themselves ahead of Wednesday's Fed announcement. But I'm not looking for a large move.
Single Stock Trader
VZ is now close enough to my stringent criteria for a swing trade buy that I'll endorse it here.
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