Actionable ideas for the busy trader delivered daily right up front
- Wednesday - lower.
- ES pivot 2084.42. Holding below is bearish.
- Rest of week bias lower technically.
- Monthly outlook: bias lower.
- YM futures trader: going short at 17,670.
I took Tuesday off as a rare vacation day though I did leave a bit of a clue last night when I suggested the market was looking bearish. And indeed the Dow shed 109 points on Tuesday though I can't add that to the scoreboard since it wasn't an official call. Tonight we're doing another Night Owl Lite night as I'm running behind. I don't like these Monday Holiday weeks. Tuesday seemed like Monday, Monday seemed like Sunday, and so on. So let's just get to the conclusions for Wednesday and move on.The technicals
Market index futures: Tonight, all three futures are lower at 1:03 AM EDT with ES down 0.47%.
ES daily pivot: Tonight the ES daily pivot falls from 2092.83 to 2086.67. That leaves ES again below its new pivot so this indicator continues bearish.
Accuracy:
average points
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 0 0 1 0 NaN 0
And the winner is...
The market appears to be at a short-term top right now. Add in the sudden revivial of the Brexit That Wouldn't Die, and I'm going to say the we're going to see Wednesday lower.
YM Futures Trader
Going short at 17,670.
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