Aug 302013
 

levels_130830

This morning’s DTG sheet was published early before the 8:30am EDT personal income and outlays data when yesterday’s 1636.25 close area became strong support reinforced during the news.  After the cash market opened, I posted in chat that the yesterday’s close and pivot point = 36.50 area should now be resistance.  Price retested the area twice and both times became short order flow opportunities.  However since they were not at a published DTG level, I will not use those opportunities as an example trade.  The White House announced a John Kerry press conference on Syria scheduled for 12:30pm EDT.  This put a damper on price movement in the DTG 29.25 level for the rest of the morning.  No new order flow long opportunities unfolded until a few minutes before the scheduled press conference which was an obvious market fireworks starter, thus not a good time to take a trade.  The ES was perched near it’s lows and thus appeared ready to tumble to new lows once a US strike was announced.  Turns out a strike was not announced, but rather the White House wants to think about the best way to retaliate including possible negotiations.  So the stock markets reacted positively, but there was no way to guess that beforehand.  Then the White House announced that Obama would make a statement which threw more waiting and uncertainty into the markets.  By this time, trading was winding down for the long 3-day weekend leaving nothing to use for today’s example trade.

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