Actionable ideas for the busy trader delivered daily right up front
- Wednesday uncertain.
- ES pivot 2175.08. Waiting for a break above or below.
- Next week bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
Last night I mentioned a few vaguely bullish looking signs in the charts but also indicated I wasn't about to get suckered into calling Tuesday higher on that basis. Good thing too, because after a rare triple digit gain on Monday the Dow abruptly reversed course on Tuesday, dumping 49 points to retrace most of Monday's gains.
The market is now clearly on edge over the Fed and upcoming jobs numbers. (Personally, I don't believe they are going to raise rates in September). The charts have not been our friend lately but we'll take a look at them anyway because the battery in my clandestine listening bug in the Fed boardroom has run down.
Market index futures: Tonight, all three futures are once again unchanged at 1:09 AM EDT with ES completely flat.
ES daily pivot: Tonight the ES daily pivot dips from 2175.33 to 2175.08. That leaves ES sitting exactly on its new pivot so there's no guidance from this indicator tonight either positive or negative.
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 1 3 7 0 0.000 120
And the winner is...
|Waiting for Godot|
YM Futures Trader
No trade tonight.