A light news day with retail numbers pre-market. Volatility continues to remain fairly high with low volume which created whippiness this morning making it hard to read and trust order flow. The ES started the cash session in the middle of the wide DTG 42.25 level and the bulls tried to take over early. There were able to take price through the top of the level several times, but due to volatility, no decent order flow patterns unfolded to catch a short. After about an hour, the bears took over and the ES dropped to the bottom of the DTG 42.25 level. Again, order flow did not setup for a long opportunity but this time the lack of an opportunity was the right call. Once price worked it’s way down to the DTG 38 level, it setup for a nice long opportunity and today’s example trade.
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