Actionable ideas for the busy trader delivered daily right up front
- Wednesday lower.
- ES pivot 2141.00 Holding below is bearish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
I guess I can't be too surprised about the Dow's 54 point drop on Tuesday because the inverted hammer on Monday and a VIX that was looking ready to move higher telegraphed it from the start. I guess I let myself get spooked by futures that were moving higher in the overnight last night when I ended up calling the day as "uncertain". Still the day's action gives us something to chew on so let's get right to it..
In short, there seems to be plenty of upside left here. Take a look and see if you don't agree. Oh and it's worth a quick mention - the VIX is back to its normal inverse correlation with the rest of the market.
Market index futures: Tonight, all three futures are lower at 1:36 AM EDT with ES down 0.22%.
ES daily pivot: Tonight the ES daily pivot falls from 2142.67 to 2141.00. ES is now back below its new pivot so this indicator turns bearish.
Month right wrong no call conditional batting Dow
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 9 2 4 1 0.833 314
And the winner is...
With a VIX looking like it's confirming my guess about moving higher, a bunch of reversal andles on the charts and overnight futures guiding lower, I'm going to call Wednesday lower.
YM Futures Trader
No trade tonight.