Tuesday stock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front

• Tuesday higher.
• ES pivot 1880.08.  Holding above is bullish.
• Next week bias uncertain technically.
• Monthly outlook: bias higher.
• YM futures trader: still long at 16,434 .

Recap

Yowza!  Last Thursday I hedged on my call by saying that we could close higher only if ES remained above its new pivot.  Despite numerous bullish signs, things were so bad all year til then I didn't want to commit.  Too bad too, because the market went on a giant tear Friday with the Dow gaining 314 points on a tall green marubozu.  And the run doesn't seem over yet.  The new overnight in ES is so much higher that I will skip the charts (which are all three days old already anyway) and head right to the bottom line on this one.  No point in doing any detailed analyses on individual charts tonight.

The technicals

Market index futures: Tonight, all three futures are way higher at 1:48 AM EST with ES up an impressive 1.68%.

ES daily pivot: Tonight the ES daily pivot jumps from 1824.75 to 1880.08. And even that big move still leaves ES well above its new pivot so this indicator turns bullish.

Accuracy: 

Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    9      5       5           0       0.643    1433
February   5      1       3           1       0.857     462



     And the winner is...

Monday night the futures are higher in the overnight than I've ever seen in 10 years of doing this.  Coupled with a bunch of good bullish reversal signs in the other charts, I'm going to throw all caution to the wind and simply call Tuesday higher.

YM Futures Trader

Nothing new again here