Today started pre-market with Bank of England easing, China lowered interest rates, and the ECB also lowered interest rates. Then the ADP employment numbers blew away expectations and unemployment claims dropped. Pre-market action was like a yo-yo.
I had framed the day’s low as 59/62 (posted in chat). The ES bounced off 62 back into the DTG 65.75 level, setting up a nice pre-market short opportunity. I was sure the 62 pre-market low would get retested and there was enough room for a trade opportunity (which I also posted in chat). However since the trade opportunity was pre-market through the cash open, I won’t use it as today’s example trade.
The next level to be touched was the DTG 59 level. The ES started working the level a few minutes before the 10am EST ISM Non-Mfg report. Given the significance of the ISM reports lately, it was prudent to wait for the news dust to settle a little before making a trade decision.
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