Friday stock market forecast

The Hoot 
Actionable ideas for the busy trader delivered daily right up front

• Friday way lower.
• ES pivot 2100.67.  Holding below is bearish.
• Next week bias lower technically.
• Monthly outlook: bias lower.
• YM futures trader: no trade tonight.

Recap

ES, daily

Wow.  I'm speechless.  I've been doing this for 12 years now and I've never seen anything like this, not even in the depths of the Great Recession in 2008.  There's really nothing to say at this point.  Just look at the futures right now.  Mr. Market simply got caught with his pants down and was totally suckered in on Brexit.  Tonight's another Night Owl Lite night because there's no point at all in analyzing any charts.  One look at the futures tells you all you need to know.  They're gonna be hitting the bottle big time in Brussels on Friday, that's for sure.

The technicals

Market index futures: Tonight, all three futures are lower at 1:41 AM EDT with ES down a mind-boggling 4.90%. I had to stare at that number for a while to be sure I was reading it right.  At first I thought it was 1.90% (which would be bad enough).  When I saw 4.90%, I was stunned.  And the only reason they weren't lower is because they hit the 5% trading circuit breaker.  Holy moly.  And the volume's been crazy all night long.  At 2 AM, there's usually only a smattering of cintracts crossing the tape.  Right now it's in the thousands.  Amazing.

Euro, daily

ES daily pivot: Tonight the ES daily pivot rises from 2081.08 to 2100.67.  Right now ES is needless to say, way way below its new pivot so this indicator is a roaring bear.

Euro:  The euro is off almost as much as ES right now, but has now crashed through its 200 day MA - never a good sign.


Accuracy:  

Month    right  wrong  no call  conditional  batting   Dow
                                             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       4      5       6           1       0.500     -37
     And the winner is...

Well my job is real simple tonight: Friday lower.  Lots lower.  It will be very interesting to see how this plays out.  Me, I'm going to hit "Publish" and then I'm heading for my fallout shelter.  That's all she wrote, hooh boy.  See you all again Sunday night, if the stock market is still around then.

YM Futures Trader

No trade tonight.