The pre-market ADP employment and Job Claims offset each other this morning and didn’t give the markets much reason to pick a direction. The ES has multi-year highs above at 61.75 and it will probably take a change in trader expectations to clear. The cash open started off slow and opened near the bottom of the DTG 52.25 level. There was a long opportunity off the open, but I was too distracted preparing for the open to notice. The ES moved up and tested yesterday’s close at 57 and soon after setup a short opportunity. Price was unable to move back through the VWAP that that opportunity did not pan out as price grinded to new highs. As discussed in chat, once price broke 58, it will probably turn somewhere past 59 and before 61. The ES made a top at 59.75 and it looked like potential trapped traders on the retest as buyers piled on and yet could only move the ES up one tick setting another short opportunity.
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