The markets were looking pretty bullish this morning after Caterpillar’s good earnings and and very strong Durable Goods numbers. The ES touched the psychological 1500 price before the cash open. I was anticipating another test and most likely a move beyond 1500. The S&P500 cash was already above 1500, poised to move higher at the open. Well, the cash opened and the ES acted differently than I expected. There was a weak attempt to move back up towards 1500, but the institutional sellers were strong and after about 15 minutes, the buyers still could not move price up. I didn’t get the price action I was expecting and was hoping for, but I cannot ignore the short trade opportunity.
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