Actionable ideas for the busy trader delivered daily right up front
- Friday uncertain.
- ES pivot 2172.75. Holding above is bullish..
- Next week bias uncertain technically.
- Monthly outlook: bias lower.
- YM futures trader: short at 17,670.
Well it was yet another small movement day on Thursday with the Dow dropping all of 33 points. However, we're finally starting to see something of a trend here as we now have three days of lower highs and lower lows. But the moves are so small it's really hard to make much out of them. We take a look at the charts to see if there's any clue as to Friday's direction or if it's just another exercise in futility.The technicals
Market index futures: Tonight, all three futures are barely higher at 12:16 AM EDT with ES up 0.02%.
ES daily pivot: Tonight the ES daily pivot falls again from 2177.17 to 2172.75. But that small move was enough to put ES back above its new pivot so now this indicator is back to bullish
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 8 5 7 1 0.643 1393
July 5 6 6 2 0.539 -304
August 1 3 4 0 0.000 120
And the winner is...
The overall impression last night looked bearish to me, though not enough to make it an official call. Tonight things are even less clear as this lackluster trendless action just seems to go on and on. There are some reversal signs on the charts but they're not definite enough to warrant a call. Therefore once again I have to call Friday uncertain. That's all she barely wrote. See you again Sunday night!
YM Futures Trader
No trade tonight.
Posts
