Actionable ideas for the busy trader delivered daily right up front
- Tuesday uncertain.
- ES pivot 2041.17. Holding below is bearish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- YM futures trader: no trade.
Contrary to my expectations, the Dow took off higher Monday mor3ning, but it finally came back in to end the day with a 21 point loss, vindicating my call for a lower close. But that's par for the course on op-ex weeks and we're probably in for more of the same as the week rolls on Meanwhile, it's time for another Night Owl Lite night so we cut straight to the chase and skip the individual chart details tonight.
Market index futures: Tonight, all three futures are higher at 1:32 AM EDT with ES up 0.12%.
ES daily pivot: Tonight the ES daily pivot dips from 2041.75 to 2041.17. That still leaves ES below its new pivot so this indicator continues bearish.
Month right wrong no call conditional batting Dow
January 9 5 5 0 0.643 1433
February 9 3 5 3 0.800 1133
March 8 6 6 1 0.600 222
April 3 1 2 1 0.800 160
And the winner is...
I think that the forces that have been pushing the market lower lately are still there but are beginning to abate and we're getting closer to a reversal. Unfortunately, the sorts of candles we got on Tuesday require confirmation. And we're still not really sufficiently oversold so as to be able to call a move higher, though I do think one's coming before Friday. While there's a possibility it could happen sooner, the signs aren't strong enough to do so now. I hate to sound wishy-washy but I'm afraid I'm going to have to call Tuesday uncertain. It could be a bottoming day..
YM Futures Trader
No trade tonight..