After the 10am EST ISM Manufacturing and Construction Spending reports missed, the ES broke through it’s overnight lows towards the strong support in the 1394.25 to 1397.25 area. I had this area specified (in chat) as to where I thought the low of the day would be. However deciding where in that low frame the low of the day would hold was difficult because there were several strong line-in-the-sand prices where the ES could have turned (96.75, 95.50, or 94.25). This made selecting where to enter tricky, because the ES acted as if it was going near each price and provided several long opportunities as it tried to find it’s low for the day. Ultimately, price bottomed at 94.50 which most likely stopped out most long trades taken above 96.75.
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