Friday, February 26, 2016

Friday stock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front
  • Friday uncertain.
  • ES pivot 1940.75..  Holding above is bullish.
  • Friday bias lower technically.
  • Monthly outlook: bias higher.
  • YM futures trader: no trade.

Switzerland Gstaad II European Winter Ski Europe Travel Advertisement PosterAfter two days of conflicting candles and indicators, it wasn't quite clear to me which way we were going on Thursday.  Turns out the Dow went on another triple digit tear to break out of resistance around 16,625.  Tonight we do another Night Owl Lite.

The technicals

Market index futures: Tonight, all three futures are mixed at 12:57 AM EST with ES down 0.03%.

ES daily pivot: Tonight the ES daily pivot falls from 1916.92 to 1940.75.  That still leaves ES above its new pivot so this indicator continues bullish.


Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    9      5       5           0       0.643    1433

February   8      3       4           3       0.786    1010

     And the winner is...

Tonight we have no real bearish signs on the charts.  True, the indicators are all overbought, but not extremely so.  We also have both the Dow and SPX within striking distance of their upper BB's and I think they might want to take a peek at them. On the other hand, the futures have begun to sag in the overnight and I always worry they know something I don't. It might be a doji day, so I'm afraid I'm going to have to call Friday uncertain.  I never like doing it two days in a row, but that's just the way it plays out.  That's all she wrote.  See you again Sunday night..

YM Futures Trader

No trade tonight.

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