Actionable ideas for the busy trader delivered daily right up front
- Tuesday higher.
- ES pivot 2104.83. Holding above is bullish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: no trade tonight
After three days of unrelenting indecision, I wasn't about to call a market ahead of a fireside chat from Auntie Janet. Turns out that was a good thing because even though the indicators remain overbought, Mr. Market liked what she had to say and up we went for a 113 point advance in the Dow. Tonight it's a Night Owl Lite night again so let's go right to the bottom line.The technicals
Market index futures: Tonight, all three futures are barely higher at 12:43 AM EST with ES up just a single tick.
ES daily pivot: Tonight the ES daily pivot rises from 2095.50 to 2104.83. That still leaves ES above its new pivot, though not by much. Nevertheless, this indicator continues bullish.
Accuracy:
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 0 1 3 0 0.000 -49
And the winner is...
Frustratrringly, the candles and the charts continue to contradict each other. The indicators all remain overbought and point to a move lower but we actually got some rather bullish candles on Monday. The Dow dfor instance put in a near marubozu that broke recent resistance, formed a bullish stochastic crossover from a high level and seems to be wanting to chek out its upper BB from here. So I'm a bit nervous about doing this but I'm going to go out on a limb anyway and call Tuesday higher.
YM Futures Trader
No trade tonight.
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