The morning was filled with economic reports before the markets were to go into wait mode for the main show of the FOMC announcement at 2pm EDT. The general market bias us up coming into the open. It’s the first day of the month and May 1 has historically been an up day. However the economic numbers were missing expectations and the ES made a quick tumble down into the DTG 85.25 level a few minutes after the cash open. Several good looking long opportunities unfolded, but the ES could never get more than about 2 points of traction and the VWAP and pivot point at 89.25 became too much for the buyers to overcome before the ES started heading south again where it bounced off the front of the DTG 78.25 level and offered a couple more long opportunities which are today’s example trades.
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