Actionable ideas for the busy trader delivered daily right up front
- Wednesday lower.
- ES pivot 2146.50. Holding above is bullish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
On Tuesday the Dow retraced all of Monday's losses plus a bit more. The reason isn't exactly clear. Was this due to the outcome of last night's Liars' Club on TV? It will be interesting to see what happens after the next debate. Fortunately, all that really matters are the long columns of little numbers in my account so we'll just let it go at that and see what the charts might have to say for Wednesday.
Market index futures: Tonight, all three futures are lower at 12:27 AM EDT with ES down 0.20%.
ES daily pivot: Tonight the ES daily pivot rises a bit from 2145.33 to 2146.50. That still leaves ES 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 1 3 8 0 0.250 120
September 4 2 6 0 0.667 413
And the winner is...
Tuesday's action left us in a mixed state with all of the Dow's indicators rising except for the stochastic which continues to fall. But the majority of technical indicators I follow remain bearish tonight, notwithstanding Tuesday's incomprehensible bounce. The VIX in particular just completed a bullish stochastic crossover and oil is headed lower again. Also, after rising most of last week the Morningstar Market Fair Value Index has now been falling again for three days. And the futures have once again turned negative so I'm going to take another calculated risk and call Wednesday lower.
YM Futures Trader
No trade tonight.