Jul 112013
After the big Bernanke run-up overnight, the big question coming into today was would it continue, reverse, or had price already run it’s course and would consolidate. If it was to reverse or consolidate, it would start moving early and we didn’t have to wait too long for what turned out to be the only opportunity until late afternoon when the day’s consolidation area was finally broken. The ES opened near the top the wide DTG 63 level where it failed to reach the Globex high and triple topped with institutions selling. It was a counter-trend fade opportunity.
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