Monday Lower
The Night Owl Trader | Jan 26, 2015 01:02AM ET
Actionable ideas for the busy trader delivered daily right up front
- Monday lower.
- ES pivot 2045.00. Holding above is bullish
- Rest of week bias uncertain technically.
- Monthly outlook: bias lower.
- Single stock trader: VZ looking lower.
I wasn't quite sure about last Friday. It did look to me like we were running out of gas but I ended up calling it uncertain. The resulting 141 point red marubozu wasn't quite the doji I was expecting but it was a bearish sign anyway. Last night I found myself running short on time so we're going to have another of my famous Reader's Digest Condensed Night Owls. Less for me to write, less for you to read. I did the research, I'm just not writing abut every chart. We'll get back on track Monday night.
The Technicals:/h3
ES daily pivot: Last night the ES daily pivot fell again from 2045.00 to 2049.58. After falling below the new pivot this indicator now turned bearish.
We had some bearish signs in the charts last Friday and that direction got a big boost from Sunday's Greek elections. It seems the Greeks now want to welsh on their debts raising again the specter of the dreaded Grexit and the subsequent unraveling of the euro. Personally I think the handwriting has been on this particular wall for a while now. But Europe seems to prefer pulling the bandaid off agonizingly slowly instead of just getting it over with with one sharp yank. Either way, the situation over there isn't looking too encouraging.
Uh where was I? Oh yes, I'm calling today: Monday lower.
Single Stock Trader
VZ looks continued bearish.
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