Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Dow, VIX, SPX All Remain Range-Bound

Published 01/17/2017, 01:00 AM
Updated 07/09/2023, 06:31 AM

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

  • Tuesday lower.
  • ES pivot 2269.58. Holding below is bearish..
  • Rest of week bias lower technically.
  • Monthly outlook: bias higher.
  • YM futures trader: no trade tonight.

Way back last Thursday night I called Friday as "uncertain" because frankly I had no idea which way the market was going on Friday. Turns out Mr. Market didn't either as the Dow fell all of five points after a largely indeterminate session featuring an early advance followed by a meandering dribbling away of those gains. We now begin a short week, which always makes things tricky and on top of that it's January op-ex week and on top of that we've got a presidential inauguration coming right up on Friday. Somehow I see more uncertainty on the horizon.

The technicals

The VIX: The VIX continues to bounce along on multi-year support as it continues to defy my expectations for a move higher soon. But what goes down must come up so I'm still expecting an up day this week.

Market index futures: Monday night, all three futures were lower at 12:32 AM EST with ES down 0.28%.

ES daily pivot: Monday night the ES daily pivot rose from 2260.83 to 2269.58. And that along with a drop in ES now leaves ES below its new pivot so this indicator turns back to bearish.

Average Points

The major charts like the Dow, SPX and VIX all remain range-bound with a distinct lack of direction. But the overnight futures are guiding lower at the moment and I don't see any real bullish signs in the ES daily chart so I'm just going to go out on a limb and call Tuesday lower.

YM Futures Trader

No trade tonight.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.