The Precise Take – ES longs extend gains overnight

Leaders Analysis:   30 Year T-Bond futures continue to advance slowly after hitting support late last week.  As long as there are no major surges, the equities rally should be safe.  Gold is marginally higher and the USD is marginally lower, with the EuroYen still consolidating.

Trading Today:  The ES reverted to VWAP yesterday on the close, only to surge nearly seven points in the opening minutes of the overnight session.  Since then, it has been volatile, with two new highs and a new overnight low.  As we write, the two 8:30 am reports of Housing Starts and PPI disappointed a bit, but the ES found support just above yesterday’s settlement.  If the day-session-only pivot of 1090.25 holds into the open we would be…

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