Plenty of economic reports plus bank earnings scheduled for this morning to give the the markets some direction this morning. Retail Sales missed expectations rather handily pre-market, but the bulls kept the market buoyant. The ES pushed down a few ticks to expand the Globex session, but not what I expected. JPMorgan and Wells Fargo both beat expectations but at the same time warned of reductions in future interest earnings. Coming into the cash open, I had a negative bias. The ES had been trending down since yesterday afternoon. The bulls came on strong after the cash open and sent price to 1584.75 which became a line of resistance during the Globex hours. The retest of that initial high is today’s example trade. It turns out that the bulls had more strength, but the trade turned into a coin flip into the Consumer Sentiment report. Luckily for the trade, sentiment missed expectations and started the down move.
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