SPX Futures Sit On Top Of New Pivot
The Night Owl Trader | May 31, 2016 01:32AM ET
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- Tuesday depends on ES pivot.
- ES pivot 2101.50. No guidance..
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- YM futures trader: no trade.
Last Thursday night, if I can remember that far back, I called Friday higher if ES could remain above its new pivot. Well it made a brief unsuccessful attempt to break under around 3 AM, but then that was it as it just drifted higher from there. And we did indeed end the day higher. Tonight we begin a holiday-shortened week and close out the month of May. Since the data is three days old at this juncture, I'm going to do another Night Owl Lite as there's not much point in dissecting the low-volume charts way back from last Friday.
The technicals
Market index futures: Tonight, all three futures are higher at 12:32 AM EST with ES up 0.19%.
ES daily pivot: Tonight the ES daily pivot rises from 2095.00 to 2101.50. That leaves ES sitting exactly on top of its new pivot so this is one of those rare nights where we have no pivot guidance.
With nothing but old charts to work from, traders still straggling in from their long weekend, and a short week ahead it's a difficult night to call. But with ES sitting right on top of its new pivot, it's a good time once again to make another conditional call just like last Thursday night. If ES breaks above its pivot and remains there by mid-morning Tuesday, we'll close higher. But if it breaks to the downside and stays there, we close lower.
YM Futures Trader
No trade tonight.
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