ES – inflection points for Apr. 6, 2017

Yesterday’s trades

ESM7. Apr. 5, 2017. 30-minute bars.

Sell: 2371.50-2372.50
Keyline: 2357.50-2358.50
Buy: 2346.50-2347.50

This was probably the best day of the year so far for ES traders. After ambiguous, difficult-to-trade moves early in the week the ES busted the narrow range that had been confining the price.

The first move started after the price moved up to Nat’s keyline in the overnight market and continued on to her sell level at the start of the day session. Overnight traders should have caught that move, worth about $700 per contract.

The price stayed there in a narrow range (with a couple of faking moves up and down) until the FOMC minutes were released at 2:00 p.m. (Eastern time).

Then the futures declined sharply directly to Nat’s sell level, a move worth about $1300 per contract, and one that was readily available to trade room subscribers.

The price continued to decline early in Wednesday’s after-market action. for the exit.

Today’s workbook