Aug 292012
Not a great day for trading; the markets seem paralyzed in this heavy trader vacation week before Labor Day as all eyes are looking for any signs of additional stimulus from the Federal Reserve. Bernanke gives his Jackson Hole speech on Friday, but we haven’t seen enough poor economic data lately to think the now is the time for more Fed action…
The ES spent most of the day meandering in the DTG 04.25 level. I was hoping for a test of the DTG 01.75 level, but the ES turned short and eventually climbed to new highs in the DTG 11.00 level providing the first trade opportunity in two days.
It wasn’t a great opportunity on such a low volatility day, but the BL buyers gave a clue as the ES struggled to get past the R1 pivot.
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