Actionable ideas for the busy trader delivered daily right up front
- Thursday lower.
- ES pivot 2075.33. Holding below is bearish..
- Friday bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: no trade tonight.
Last night I called Wednesday as uncertain as a Fed day and that was a good move. The Dow waffled ahead of the Fed weakly higher, than suddenly spiked at the 2 PM announcement Then it fell but then retraced to return to where it started until 3:30 PM at which point it fell off a cliff to end the day down 34 points. I've gone over the news and I'm still not sure just what happened at 3:30 to trigger this decline. If anyone out there has an inkling, I'm all ears. So in the meantime, I'm once again out of time and this is another Night Owl Lite night. I'll weight in on Thusday but without all the details. It's just as well as we've got a triple-witching coming up so some pre-positioning gyrations are not out of the question.
Market index futures: Tonight, all three futures are lower at 12:10 AM EDT with ES down 0.23%.
ES daily pivot: Tonight the ES daily pivot rises from 2073.17 to 2075.33. That still leaves ES below its new pivot so this indicator returns to 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 6 4 8 2 0.667 416
May 9 3 4 4 0.813 756
June 3 3 4 1 0.571 99
And the winner is...
The delayed post-Fed selloff on Wednesday afternoon seems to be carrying over into the new overnight as all the futures continue to drift lower. What looked like a bottom-finding exercise Monday and Tuesday has now evaporated as fragile support has simply given way. With the charts all looking negative and oil falling again, I'm afraid I'm going to have to call Thursday lower.
YM Futures Trader
No trade tonight.