After yesterday’s big sell off, I had expectations of a narrow range day. However there were a few economic numbers this morning and the Michigan Consumer Sentiment number out at 9:55am EDT occasionally can move the markets, so big misses of expectations could mean more movement to the downside. The ES drifted lower overnight, but before the Sentiment number, it had climb back above it’s yesterday close price of 1655.75 at the top of the DTG 53.75 level. The Sentiment number disappointed which gives mixed signals. On the one hand confidence about the economy is down and other the other it gives the Fed another reason to keep QE alive. As I posted in chat, a pullback into yesterday’s close with institutional buying support was the long order flow opportunity I was looking for and today’s example trade.
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