Wednesday higher

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

• Wednesday higher.
• ES pivot 2056.75.  Holding above is bullish.
• Rest of week bias uncertain  technically.
• Monthly outlook: bias lower.
• Single stock trader: VZ not a swing trade buy.

Recap

After a giant dive on Monday that I thought was vastly overdone the markets did indeed rebound on Tuesday in a typical DCB.  At this point, I'm on semi-vacation.  No charts, just the bottom line.

The technicals

ES daily pivot: Tonight the ES daily pivot falls again from 2060.33 to 2056.75.  That finally puts ES back above its new pivot so this indicator turns bullish.

Accuracy: 

Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    8      6       4           1       0.563    627
February   6      4       5           3       0.692    183
March      7      6       5           4       0.647    976
April      3      8       7           0       0.273      1
May        6      5       5           2       0.615    581
June       8      6       3           4       0.706    552

     And the winner is...

Tonight we're seeing a bunch of good reversal signs in the charts.  It doesn't hurt that the first of most months is historically bullish too.  So I'm just going to call Wednesday higher.

Single Stock Trader

VZ did not participate in Tuesday's rally.  Look for it to hit its lower BB (46.49) before reversing.