Plenty of economic reports this morning in addition to the evolving Cyprus bailout situation to give the ES some volatility and possibly directional movement. Jobless claims beat expectations again which should have been bullish, but the stock markets sold on the news into the cash open. The ES has been forming a down channel since yesterday’s close and I expected movement to the downside to be easier than the upside. As time approached the 10am EST reports, the ES was near the top of the down channel. The reports came in mixed and the ES sold off. Unfortunately, it did not provide an order flow short opportunity. Price moved back down into the wide DTG 40.50 level were it once again bounced off the down price channel. This time a long order flow opportunity setup. It was against the trend, however there was plenty of room back to the top of the channel, at least for small targets.
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