The market interpreted the 10am EST news as bullish. Yesterday’s consolidation and low inside overnight action given the May Day market closes in Europe and Asia had the market coiled like a tight spring; just waiting on a reason to burst out. The ES 1397 area was the key breakout area to start unwinding the spring. The ES 1403 area was an interim high; an area that if the bulls could overtake, they’ll have the confidence to run. The news released the spring and the 1403 area was pierced; the makings of a trend day.
It was a tough day for us DTG traders, as is all strong trend days. The 1409.25 level did provide a potential winning short trade opportunity, but it was a difficult trade area to enter given the strong up trend and lack of confirming order flow information. All other levels and
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