Actionable ideas for the busy trader delivered daily right up front
- Thursday higher only if ES remains above its pivot, else lower.
- ES pivot 2150.75. Neither bullish nor bearish..
- Friday bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
Well just when things were looking grim, the Dow rebounded on Wednesday, gaining 113 after two days of losses to finish exactly where we were at the start of this week. Meanwhile indicators continue to wander aimlessly halfway between oversold and overbought. Is there any sense to be made of all of this? I've got to admit I'm starting to wonder myself but I'll have another look at the charts just to make sure.The technicals
Market index futures: Tonight, all three futures are slightly lower at 12:26 AM EDT with ES down 0.08%.
ES daily pivot: Tonight the ES daily pivot rises from 2146.83 to 2150.75. That leaves ES sitting exactly on top of its new pivot so this indicator is neither bullish nor bearish at this time.
Accuracy:
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 5 6 6 2 0.539 -304
August 1 3 8 0 0.250 120
September 4 5 6 0 0.444 -59 October 0 1 2 0 0.000 -85
And the winner is...
With ongoing uncertainty demonstrated in the indicators which continue to wander about between oversold and overbought as well as a lack of good candles, and with ES sitting right on top of its new pivot, this seems like a good time to make a conditional call. If ES breaks above its pivot and stays there by mid-morning Thursday we'll close higher. But if it breaks below and stays there, we close lower.
YM Futures Trader
No trade tonight.
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