Plenty of reports this morning to give the markets potential reasons to move. All economic numbers are being weighed against the Fed’s potential changes to QE. The pre-market reports started the ES rotating above the DTG 20 level. After the 9:30am EDT cash open, the ES double bottomed on the front edge of the DTG 20 level and then unfolded into a long order flow opportunity. I thought for sure the ES could close the gap back to yesterday’s 31.25 close for a good large target. It was not to be; price was very volatility, whipping back and forth 5 points at a time before finally topping 3 points short of yesterday’s close. Thus today’s example trade was good for small targets only.
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