Actionable ideas for the busy trader delivered daily right up front
- Friday higher.
- ES pivot 2069.75. Holding above is bullish..
- Next week bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: no trade tonight.
Things were looking good early o for my call for a lower close Thursday but that didn't last long. The 10 AM reversal hour arrived and the Dow steadily marched higher for the rest of the day, finally closing up 93 points. Looking back at the charts, I'm not sure what I could have done differently, but such is life. With a seemingly never ending parade of Real Life (TM) responsibilities getting in the way ofwhat really matters (watching the market), tonight is yet another Night Owl Lite night. I did analyze the charts, I'm just not writing details about each one.
Market index futures: Tonight, all three futures are slightly higher at 12:21 AM EDT with ES up 0.05%.
ES daily pivot: Tonight the ES daily pivot falls from 2075.58 to 2069.75. And afternoon rally in ES was enough to finally put it back above its new pivot so this indicator now turns bullish.
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 6 4 8 2 0.667 416
May 9 3 4 4 0.813 756
June 3 4 4 1 0.500 6
And the winner is...
We got a number of decent reversal signs on the charts Thursday including strong hammers in the Dow, SPX, and ES, all of which are also quite oversold now. We also got a tall inverted hammer as a bearish engulfing pattern out of the VIX along with a bearish stocahstic crossover - quite negative for that. It's always fairly risky making calls ahead of op-ex days, particularly triple-witching but I'm really liking the looks of the charts tonight. So I'm throwing all caution to the wind and calling Friday higher. That's all she wrote. See you again Sunday night!
YM Futures Trader
No trade tonight.