The scenario from last night anticipated range-bound trade within the Globex High and Low, and that played out well in the market today. Globex High was 1125.50, and the high of day was put in place early in the morning at 1126.25 (3 ticks above Globex!). Price couldn't even reach Globex Low, and instead found buyers at the previous day's mid-point at 1119.50. Price retraced and closed at 1123 (within the Initial Balance and Value Area, above the Mid-Point, and a tick above the VWAP).
Near-term bias is stil bullish, but tomorrow's Econ data could upset that. Anticipating range extension tomorrow.
ES 5-Minute Chart for 12/28/09 Includes Overnight Globex
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