Aug 202013
 

trade_130820

Another no economic data day as the markets wait on the Fed’s minutes to be released tomorrow.  However there were a few retail earnings releases this morning for traders to ponder: Best Buy, J.C. Penney, and Home Depot.  BBY and HD beat expectations and JCP missed but with a silver lining of solid back to school sales.  So the bulls got a little economic encouragement from corporate earnings.  As the ES cash opened, price started coming back down to retest the overnight low in the 41 area.  However the ES bounced and then double bottomed slightly beyond the bottom of the large DTG 45 level.  Institutions were buying and price unfolded into several long entry opportunities.

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