I wrote in chat early this morning, “it’s Retail Tuesday which generally does [not] mean much [in terms of] moving the [stock] markets, so we have a second day in the row without market driving economic numbers. This could be another low volatility day. It will be tough for the ES to make a run above 49 without something to get the bulls excited.” Take a look at the price level recap in the post above; 1649 double topped and held the high of the day. Just a few weeks ago, 1649 was the high before the FOMC announcement and Bernanke’s market disastrous press conference. The ES has almost recovered but is going to need some fuel to move beyond… Today did turn out to be a low volatility day where the ES only reached 2 DTG levels. After briefly flirting with the DTG 45 level, the ES dropped into the the DTG 39 level where a several long opportunities unfolded over 30 minutes. The ES has been in a strong uptrend for the last few days and the DTG 39 level aligned with that trend. Once the bulls knew there was a bottom in place, they were able to grind the ES up to the aforementioned 1649…
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