Wednesday, June 1, 2016

Wednesday stock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front
  • Wednesday uncertain
  • ES pivot 2094.92.  Holding above is bullish.
  • Rest of  week bias lower technically.
  • Monthly outlook: bias higher.
  • YM futures trader: no trade. 

Original Poster Switzerland Suiza Valais Old House Traditional Alps NatureLast night's conditional call worked nicely once again.  ES spent about two hours noodling about its pivot before heading south around 2:30 AM.  It then made a brief attempt to break above around 10:05 AM but that was a complete flop and hey presto, we closed lower.  QED.  The conditional call doesn't always work but it works often enough to be useful.  Tonight, the Night Owl is once again swamped by Real Life (TM) obligations so it's another Night Owl Lite night.  Hey, I don't get paid for this so you get what you get.

The technicals

Market index futures: Tonight, all three futures are higher at 12:47 AM EST with ES up 0.08%. 

ES daily pivot: Tonight the ES daily pivot ticks up from 2101.50 to 2094.92.  That now puts ES above its new pivot so this indicator is bullish.


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

     And the winner is...

Tonight we have a VIX that shot out of a descending RTC and looks like it's bottomed.  OTOH, the futures seem to be hanging in the in the overnight so far ad the first day of June is historically positive.  But both the Dow and SPX are hard up against resistance, extremely overbought, and about to form bearish stochastic crossovers.  Which all leaves quite the mixed picture indeed.  And that's enough for me to stay away from this one and call Wednesday uncertain.  Not the way I like to start the month but that's the best I can do at the moment.

YM Futures Trader

No trade tonight.

No comments:

Post a Comment

Due to some people who just won't honor my request not to post spam on my blog, I have had to re-enable comment moderation. Comments may take up to 24 hour to appear, depending on when they're made. Sorry about that.