Actionable ideas for the busy trader delivered daily right up front
- Friday lower.
- ES pivot 2113.00. Golding below is bearish.
- Next week bias uncertain technically.
- Monthly outlook: bias higher.
- YM futures trader: no trade tonight.
Last night's conditional call worked well enough for Thursday. ES noodled about it pivot al the way til 3 AM and then broke decisively lower. It was still lower by mid-morning so the call went into effect. And despite a brief attempt at a late afternoon breakout, the market finished the day lower. Not by much, but lower anyway. Tonight we're doing a Night Owl Lite - no detailed charts, just conclusions.
Market index futures: Tonight, all three futures are lower at 12:59 AM EST with ES down 0.11%.
ES daily pivot: Tonight the ES daily pivot falls from 2114.75 to 2113.00. ES is now below its new pivot so this indicator is bearish.
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 6 4 8 2 0.667 416
May 9 3 4 4 0.813 756
June 1 2 3 1 0.500 -97
And the winner is...
Tonight we have some fairly bearish charts, including the Dow with a hanging man that failed to break Wednesday's highs, and the VIX which is on a three day winning streak but nowhere near overbought So all in all I'm going to take a chance and call Friday lower. That's all she (barely) wrote. See you again Sunday night!
YM Futures Trader
No trade tonight.