The ES opened in the DTG 27.25 level where it hung out until after the 9:55am EST Consumer Sentiment report which blew away expectations. Price moved up to DTG 32.50 level where it showed a topping pattern, but unfortunately there was no order flow information to point the way for a short opportunity. Price then pulled back into the DTG 27.25 level where the institutions showed nothing but selling as price tried several times to move back up through the VWAP. After about a half hour of grinding, price finally broke south to bounce off the DTG 24 level. The retest showed institutional selling and price continued down into the DTG 21 level. This was the low of the day area I posted in chat pre-market. Finally, order flow started indicating a shift to buying and provided today’s example trade opportunity.
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