Little economic data to give the stock markets reasons to move today. European countries and Canada had bank holidays which took away from trading volume. The trend remains up coming into the US session open. The ES continued it’s climb to new highs early before double topping and providing a weak short opportunity. Sellers could not get any traction and the ES consolidated in a 2 point range for over 2 hours. Institutional buying was heavy, trying to send the ES to new heights. It became apparent that the ES was most likely going to break up out of the narrow consolidation area. I posted in chat “bulls sill showing strength, the ES is consolidating below 66.75… if the bears can’t get through VWAP, the breakout will most likely be up.” After the next failure to get through the VWAP, it was a good time to either scratch any short trades or at least pull in stops to above 66.75.
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