Tuesday, July 5, 2016

Tuesday astock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front
  • Tuesday - no call.
  • ES pivot 2099.58.  Holding below is bearish.
  • Rest of week  bias lower technically.
  • Monthly outlook: bias lower.
  • YM futures trader: no trade tonight.

Image result for fourth of july
Happy Fourth of July!
I expected an inconclusive, low-volume day last Friday and that's about what we got with the Dow up just 19 points on a small doji star.  Now we're coming off a three-day weekend.  Sunday nights are hard enough to call and this just makes it harder.  Also, the day after the Fourth is typically high volatility.  So with a holiday-shortened week coming up, this seems like a good time to day a day off.  We're going to go watch some fireworks and then let the market settle down a bit before getting back to work.

The technicals

Market index futures: Tonight, all three futures are lower  at 12:26 AM EDT with ES down 0.18%. 

ES daily pivot: Tonight the ES daily pivot falls from 2092.83 to 2099.58.  That puts ES back below its new pivot so this inidcator is now bearish.


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       8      5       7           1       0.643    1393

July       0      0       1           0         NaN       0

     And the winner is...

No call tonight, we're on vacation.  (But I will casually mention things are ;looking a tad bearish at the moment).

YM Futures Trader

No trade tonight.

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