After yesterday’s trend day to new all-time highs, the expectations for today was a range day. The morning’s Unemployment report beat expectations and the bulls did not respond by testing the Globex highs before the cash open. This reinforced the thought that the stock markets were going to take a breather today to find a new value area somewhere near the topside of yesterday’s range. Once the cash session opened, the ES pushed down towards the bottom of the wide DTG 80.25 level. The institutional buyers were heavily involved and priced moved up to the DTG level top without recognizable bottoming price action to reinforce the institutional buying. Thus focus shifted to looking for a top around the Globex high. As explained on the chart below, a good short entry never materialized as the buyers became aggressive once again. Thus, day 2 in a row without an example trade.
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