Friday, June 10, 2016

Friday stock market forecast

The Hoot 
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.

Original vintage poster SIERRE VALAIS SUNY SWITZERLANDLast 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.

The technicals

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.


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      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.

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