There was a lot of news this morning with quarterly earning season in full swing. Between Honeywell raising their future estimates and the DOW component Intel Corp’s earnings last night, the markets were poised to move up. The good housing starts number added fuel to the fire. The ES opened and quickly moved into and through the DTG 55 level. The first trade opportunity was from the DTG 61.25 level. Price had broken through the key 64 price on heavy institutional buying, but price could not reach the R1 pivot. On the retest of the high, price failed to reach the high and order flow dictated a short opportunity. Unfortunately this opportunity didn’t rotate down very far and only accomodated small profit targets. After 30 mintues of rotation, price continued it’s upside trend. The next DTG level at 68.75 didn’t provide a clear order flow entry opportunity, but any entry in the level would have worked out just fine…
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