We had plenty of economic numbers this morning between the Personal Income & Outlay and Pending Home Sales to give the markets some directional volatility. With the Federal Reserve meeting this week, focus on the reports was weighed against the potential of reducing quantitative easing. As long as the numbers were not too bullish or bearish, the bulls would have a reason to try to reach the all-time highs before the Fed announcement on Wednesday. The numbers came in mixed and the bulls got their green light and started sending the ES to new highs once the Home Sales numbers were announced. The DTG 85.75 level was a significant area of resistance and a short order flow opportunity unfolded there. However volatility dried up and the ES rotated in a 2 point range for over and hour before finally continuing it’s journey northward. Unfortunately this made today’s only order flow opportunity a losing trade.
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