Actionable ideas for the busy trader delivered daily right up front
- Friday higher.
- ES pivot 2153.50. Holding above is bullish..
- Friday bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
Perhaps flipping a coin would be the best way of calling the market these days after all. I called for a higher close and although the SPX did indeed gain all of 0.46 points, the Dow lost 2.95 points. With a perfect doji like that, there's just no calling the outcome. We make one last attempt to get on the scoreboard before the Olympics start Friday night. As I mentioned earlier, I will be taking two weeks of vacation to devote myself entirely to the Olympics. Now that the dog days of summer are in full swing, it seems like a good time to take some time off anyway.
Market index futures: Tonight, all three futures are higher at 12:22 AM EDT with ES up 0.14%.
ES daily pivot: Tonight the ES daily pivot rises from 2153.50 to 2159.17. ES remains above its new pivot so this indicator continues bullish.
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 5 6 6 2 0.539 -304
August 0 3 1 0 0.000 -71
And the winner is...
We came close to being correct last night with a call for a move higher but were perhaps just a day too early. ES is now in a clear uptrend and oil exited a long descending RTC for a bullish setup on Thursday. Also on Thursday the trans rose 0.11% outperforming the Dow once again and the VIX confirmed a dark cloud cover Wednesday with a further 3.42% drop. And the Dow itself by not resuming its two-week decline after a small gain on Wednesday may be ready to pull out of that particular funk. So the charts generally tonight are looking at least as good as last night. Now I may be just a glutton for punishment but based on all that I have to call Friday higher.
That's all she wrote for two weeks. See you again after the Olympics!
YM Futures Trader
No trade tonight.