E-Mini S&P 500 Futures Review/Analysis
Today's 19 point range is well below the average, but ES still managed to tag the Initial Range Extension Zone. The bias was Long above the Globex High, and that played out well. If you did not trade on the Long side today, I would recommend you make a critical assessment of your personal bias. From a structural stand-point, a Short trade did not set up at any point throughout the day. Structurally, the up trend remained strong, and Shorts (if any) were *scalps* only.
Today's wide-range day could result in some additional consolidation in the 1120-1129 area. I'm anticipating continuation of the up-trend into tomorrow, and bias is bullish above 1123.
ES 5-Minute Chart for 01/04/10 Includes Overnight Globex