There was quite a bit of movement today in the e-mini S&P 500 and e-mini oil markets. We had two major news announcements today. Consumer Confidence and Chicago PMI created some emotional spikes that squeezed out many traders holding long positions.
With overall volatility a little lower than average today, we wanted to be careful not to participate in trades during “choppy” zones. And even though the market pace was slower on the ES, support areas were generally being respected, which gave us some nice long setups.
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