The opportunities were slim today with only one DTG level touched as the bulls once again pushed price into new virgin territory. There was little economic data to drive the markets, only a 10am EDT Economic Optimism number which the market usually ignores. However the bears have been looking for a reason to “Sell in May and go away” and the minor report all of a sudden appeared to be important as the institutional sellers piled on after the Economic Optimism number missed expectations. It appeared the bears would finally take control and start a significant pullback. The price action looked strong and had me searching for where I thought price could go. However at the day’s pivot point of 1612, the bulls defended their line in the sand and price bounced all the way back to the VWAP. It was a pullback much deeper than I expected if the bears were in control. The VWAP area became the battle ground and today’s long opportunity unfolded as the bulls started showing they wanted to take control to retest the high of the day.
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