Sep 112013
 

trade_130911

Another light economic data morning with only the Wholesale Trade and Oil numbers to give traders some guidance.  Overnight, the Asian and European sessions gave no directional guidance as the ES stayed in a 7 point range primarily inside yesterday’s range.  As I posted in chat, I thought there would be the possibility of a little range expansion probe on the low or high side sometime today.  The ES cash open started inside the DTG 79.25 level, held down yesterday’s close 0f 82.50.  Price slowly worked down over the morning until it finally probed the overnight low and today’s pivot point of 78.25.  It took nearly 90 minutes, but the first order flow opportunity unfolded off a failure to move beyond the pivot point and current low of the day.  

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