The 1101-1103 area proved to be resistance on the day. As anticipated, price remained range-bound within the Initial Balance for most of the day. Majority of the volume occurred between 1096 and 1097. The range was pretty narrow, with the day session coming in at 9.75 points and the 24-hr session totaling just 13.25 points from High to Low. Range contraction leads to range expansion and vice versa, so expect some better price action tomorrow.
ES 5-Minute Chart for 01/25/10
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