Afternoon Take $ES_F 11/09/10

The opening range was the high of the day to start. We filled the gap and than rallied to the highs of the year by one tick. We held unchanged for awhile and once we got below it has been an area resistance. It has been a series of support becoming support. Friday’s low was 1212.50 another potential area for support to become resistance. We have only had one positive bar on the 60 minute chart, barely. I was slightly bearish going into today but it has happened in a different way. I still feel it necessary to fade the extremes, but will be careful.

From earlier:

We have a range from 1214.75 to 1224.00. Overnight we also double bottomed from yesterday’s low at 1214.75. Last time we finished with a double bottom on a daily chart was Sept 17 and 20th. The main difference is the double bottom occurred during the day session. Hard to tell if we keep that double bottom at this moment. We are looking at a potential downside gap at 1220.00 going into the open. We got news overnight about the dollar and how it should not be the reserve currencies and gold is continuing to rally. HOY is 1224.50. The chart is still looking a little jumbled and I can make an equal cases to be bullish and bearish. Maybe slightly bearish because volatility has also shrunk.

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