No example trade today. As you can tell from the price level recap above, today’s range was only 8.75 ES points. The ES opened and moved up into the top of the DTG 09.50 level, but order flow and price action did not cooperate to provide an entry opportunity. Price then moved down and bottomed one tick in front of the DTG 01.75 level. The institutional buyers did come in to signal a potential bottom, but because price really didn’t test the DTG 01.75 level, there wasn’t enough reason to take an entry. The ES then tagged the DTG 11.00 level and consequently went straight back down; again providing no order flow or price action to define an entry opportunity. All in all, the day was a low volatility day. This is a week that many traders take vacations into US Labor Day weekend. We’ve got Bernanke giving a speech on Friday in Jackson Hole, however the ECB leaders have canceled attendance, so the weekend symposium may not have the impact that most were initially anticipating. At this point, I’m expecting more of the same tomorrow. Maybe the Jobless Claims on Thursday can inject some volatility into the markets.
Aug 282012
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