As pointed out by one of our members in chat this morning, the ES bounced off it’s 200 day moving average at 1369 which gave long term traders something to trade from; otherwise there was little support down to 1353. After the open, price climbed back into the Globex range before reaching the back of the DTG 77.25 level and showing a couple short order flow opportunities. Price respected the resistance for well over an hour, providing enough rotation for small targets but not targets most of our members are trading. Thus this level eventually stopped out most stops. The next level fared much better. My high frame for the day posted in chat was 85/88. Price bounced off of 88 and then provided a nice short order flow setup coming into Obama’s schedule 1:05pm EST statement on the fiscal cliff. Now I can’t imagine anything Obama would say about the fiscal cliff that would fuel the market higher. Today’s example trade short opportunity was low hanging fruit just waiting to be picked…
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