Monday, March 28, 2016

Monday stock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front
  • Monday higher.
  • ES pivot 2023.67.  Holding above is bullish.
  • Rest of week bias uncertain technically.
  • Monthly outlook: bias higher.
  • YM futures trader: no trade.

Because of the holiday most of the usual charts are now three days old, ie. ancient history, so I'm going to skip the usual rundown tonight and instead just do a Night Owl Lite style post to start off the last week of March..

The technicals

Market index futures: Tonight, all three futures are higher at 12:20 AM EDT with ES up 0.30%.

ES daily pivot: Tonight the ES daily pivot falls from 2033.08 to 2023.67. That's enough to leave ES above its new pivot so this indicator turns back to bullish.


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

February   9      3       5           3       0.800    1133

March      6      5       5           1       0.546     170

     And the winner is...

With a bunch of old charts on our hands, tonight we rely mainly on the futures.  Last Thursday ES put in a tall doji star and on Sunday night it seems to be confirming that.  Add in a doji from the Dow and a dark cloud cover in the VIX and I think I'll try calling Monday higher.

YM Futures Trader

No trade tonight..

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