No example trade today. Order flow reading was extremely difficult as it seems many institutions have waited until today to rollover their June contracts to September contracts. The footprint bars showed extremely heavy institutional volume.
It took over half the trading day to reach the first DTG level which was touched on a failed breakout of a consolidation area that developed over two hours. Unless the failed breakout or a bounce off the front of the level was anticipated, it would have been difficult to catch that move.
The chart above is deceptive. The ES spent most of the day grinding in narrow ranges. The day got interesting on surprise headlines out of Europe about Central Banks willing to support Greece “if need be”. Euphoria kicked in and the ES rocketed up 14 points in a couple of minutes, ignoring strong resistance around 1323. Once it was realized the news was based on comments by someone from the G20 rather than a Central banker, the ES retraced all the way back to where it started. But the damage was done; resistance and stops had been taken out allowing the ES to climb back and close near it’s highs.
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