May 152013


Plenty of economic data this morning to give the stock markets some more juice to the upside.  However, most of the numbers missed expectations and one would normally think that would mean the bears would be confident to take out some of yesterday’s gains.  I was expecting at least the overnight low of 42.75 to be retested.  After testing the top of the DTG 42.50 level, a couple short order flow opportunities unfolded.  Unfortunately, 1646 became a strong line in the sand that the ES could not break.  The bears should of had every reason to pile on and move price down, but they didn’t even though volume was light.  The bulls took this as a sign to move higher and once through yesterday’s high at 48.75, the stop run began and the uptrend continued.

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