The ECB announced that they would work on a plan to further do what’s necessary to help the Eurozone through it’s debt crisis. Not exactly what the markets were looking for… After Draghi’s strong hints of stimulus last week; the markets began their selloff as it became clear in the ECB’s 8:30am EST conference call that more stimulus was not going to be announced today. It turned into a full day of high volatility as the ES went down 26 points, up 13 points, down 20 points, and back up 12 points. It was like 4 trading days in one.
Any trading today was aggressive. It appeared about an hour into the cash session that volatility was starting to slow down, only to pick back . The ES quickly dropped into the the DTG 55.25 level, forming a quick double bottom at the overnight low. The next two levels are the subject of today’s example trade opportunities.
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