Morning Take $ES_F 11/09/10

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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Read previous post:
Afternoon Take $ES_F 11/08/10

The intra day range is from 1221.25 to 1214.75 and a meager 6.50 point range. Taking out overnight low but...