Plenty of economic numbers this morning to give the markets reasons to move: GDP, Claims, Pending Home Sales, and Oil inventories. The ES started moving up soon after the cash open after the GDP and Jobless Claims number which missed expectations had sent the ES down about 8 points pre-market to bounce off the DTG 46.75 level. After climbing to the DTG 51.50 level, price started to rotate but then broke up as if news driven (sneak peek at home sales perhaps?) and into the DTG 55.50 level. Price double topped and an short order flow opportunity unfolded. The opportunity turned into a coin flip as the pending home sales number could have sent price in either direction. Luckily for the opportunity, price started heading down after the initial news volatility. The ES then reached the DTG 51.50 level again, offering a trend pullback order flow trade which is today’s example trade.
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