Actionable ideas for the busy trader delivered daily right up front
- Friday lower.
- ES pivot 2162.25. Holding below is bearish..
- Next week bias uncertain technically.
- Monthly outlook: bias higher.
- YM futures trader: short at 17,670.
Well going by the SPX, my call for a higher Thursday was correct but since I go by the Dow, it counts as a miss because although the Dow battled back from a hefty mid-day deficit, a last minute dump resulted in a 16 point loss on the day. That now leaves just one day to go as we end the perplexing month of July.
|ES, 5 minute bars|
ES daily pivot: Tonight the ES daily pivot rises from 2160.58 to 2162.25. After a brief spike down just before midnight, ES recovered back to just over its new pivot only to immediately fall back below as I write, apparently on some BoJ news on monetary stimulus. So this indicator now turns bearish. This is not a good sign. Just look at these odd gyrations.
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 8 5 7 1 0.643 1393
July 4 6 6 2 0.500 -328
And the winner is...
With oil now in a six-day slump and showing now appetite for a reversal any time soon, the Dow in a shallow but growing downtrend full of reversal signs that never seem to reverse, and the futures reacting sharply negatively to the night's BoJ news, I guess I migtht as well make one last attempt to salvage July and call Friday lower. That's all she wrote. See you again Sunday night!
YM Futures Trader
No trade tonight.