Today was quadruple witching; expiration of stock index futures (including the ES), stock index options, stock options and single stock futures. The pattern as of late has been volatility in the mornings with heavy institutional participation as they adjust their portfolios, followed by lower volatility through the afternoon. The plan for today (as I posted in chat) was to look for a trade early and not trade the afternoon.
The institutions did not disappoint; they became very active around the cash open and pushed price up into the R2 at 1462.25. Unfortunately, that was all they could muster and they didn’t provide a decent order flow or price action setup to base a discretionary entry. Price fell back into the overnight range; volatility and volume both slowed down and the opportunity of the morning was lost. No example trade today.
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