The consumer sentiment report really put a damper on our trading opportunities this morning. The number dropped by nearly 10 points indicating a slowing economic recovery and that consumer outlooks are falling. The report triggered an immediate ES selloff which trampled all of our potential long fade areas within 10 minutes of the report’s release. The ES then settled into a slow grinding range between 1071 and 1076. Volume tapered off and we ran out of time and patience for a trade this morning. I see now the market is pushing into our 66.50 / 68.50 rejection area; maybe there will be a trade opportunity in there. The closest little HVN is 1070 for a target. If you are still trading, be careful; this market has the potential for another selloff, although the whole 60/64 area below should provide some good support.
Update: The 66.50 / 68 area did provide a setup about 10 minutes after I made this post. I put the details in the chart.