Actionable ideas for the busy trader delivered daily right up front
- Thursday higher.
- ES pivot 2168.42. Holding above is bullish.
- Friday bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
Well there you have it. I finished off the month of August with a record eight calls of "uncertain". Looking back over the month, I'm still not sure what I could have done differently. The market traded the month an about as tight a range as I've ever seen. On Wednesday the Dow dropped another 53 points to end the months almost exactly where it began. I do think we'll start to see a return to the usual swing of things after Labor Day but we're not quite there yet.
And speaking of, I will be taking all of next week off. The Night Owl is going on a road trip and while I do expect to have Internet access, it won't be with my usual high bandwidth multi-montior setup. I can't really put the blog together on a little 7" tablet so it's just as well it's a holiday week.
In the meantime, we cast a weather eye to the charts to see if they can tell us which way the wind will blow on Thursday.
Market index futures: Tonight, all three futures are higher at 1:33 AM EDT with ES up 0.18%.
ES daily pivot: Tonight the ES daily pivot falls from 2175.08 to 2168.42. That puts ES above its new pivot so this indicator now becomes 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 1 3 8 0 0.000 120
And the winner is...
The first days of most months are historically bullish and tonight for the first time in a long time we're seeing futures actually guiding higher. So with that and some reversal signs on the charts I'm actually going to make a call for a change: Thursday higher.
YM Futures Trader
No trade tonight.