Tuesday, March 29, 2016

Tuesday stock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front
  • Tuesday higher only if ES remains above its pivot, else lower.
  • ES pivot 2029.92.  Holding above is bullish.
  • Rest of week bias uncertain technically.
  • Monthly outlook: bias higher.
  • YM futures trader: no trade.

ART PRINT POSTER TRAVEL SWISS SWITZERLAND MOUNTAIN COAST LAUSANNE OUCHY NOFL1153Monday found the markets strangely becalmed.  After starting off the year with a seemingly endless series of wild triple digit swings, lately it feels more like the dog days of August than the middle of March.  Accordingly I'm going to do another Night Owl Lite tonight but this time it's not because I ran out of time.  It's just because I can't really find anything all that interesting to write about.  Let's just say that the charts are full of little dojis that don't amount to a hill o' beans and leave it at that.  Maybe we can figure out where Tuesday is headed anyway.

The technicals

Market index futures: Tonight, all three futures are higher at 12:25 AM EDT with ES up 0.69%.

ES daily pivot: Tonight the ES daily pivot rises from 2023.67 to 2029.92.  That now leaves ES barely one point above its new pivot so this indicator is only nominally bullish at this point.


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      7      5       5           1       0.615     190  

     And the winner is...

Well I thought after scouring the charts I'd be able to come up with a direction for Tuesday but I was wrong.  We've got indicators all mired halfway between overbought and oversold, and a  plethora of itty-bitty candles that don't really mean all that much.  Because of this abundance of indecision and the proximity of ES to its new pivot tonight, I'm going to do another conditional call: if ES manages to remain above its new pivot by mid-morning Tuesday we'll close higher.  On the other hand, if it falls below the pivot, we close lower.  So sez I.

YM Futures Trader

No trade tonight..

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