The Initial Resistance Zone (1123-1124.75) held overnight, and we got a break below this area at the cash open. After a small and short-lived bounce in the Initial Support Zone (1118.75-1120.25), price broke through it and found support at 1117.25. Price remained in a 2 point range from 10:20 AM (CST) - 2:35 PM (CST). The sell-off I mentioned in last night's post came right on time around 2:40 PM (CST). The Low of Day was set at 1109.75, which was highlighted as the Range Extension Extreme on the Key Levels chart. ES closed at 1113.25, above the Strong Support Zone (1109.75-1112). The daily range including Globex session was 15.5 points (1109.75-1125.25), right around the average range for the last session of the year (14 pts).
2009 has been a very educational year for me, and I'm looking forward to making even more progress in 2010! Wish you all the best!
ES 5-Minute Chart for 12/31/09 Includes Overnight Globex
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