It was a morning full of economic data, but the markets did not take much notice until Chicago PMI at 9:45am EDT missed expectations. After churning since pre-market in the DTG 86 level, price started moving towards the DTG 78.25 level. The more important Consumer Sentiment report was on deck at 10am EDT. The report blew away expectations with a very bullish number. However with the Fed meeting today for an announcement tomorrow, a extremely bullish number gives them reasons to start reducing their quantitative easing. Thus after a quick initial bullish reaction, the ES started pushing down into the DTG 78.25 level. It took about half an hour for the ES to get it’s footing, but finally gave the bulls enough confidence to take prices higher and today’s example trade.
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