$ES_F: The price action remains volatile, but we are still trading in the 1100-1200 range in the S&P. One thing we noticed today was the failure for the recent upside move to make it all the way to range resistance. Tuesdays high was 1190. Previous range resistance tests have been as low as 1200 and as high as 1229.75. This doesn’t mean anything major just yet as the pull back after Tuesday’s 1190 print may be a breather prior to another upside move to the 1200-1225 level, but if it that ends up being the high on this upside range move we may be in for a range support break soon. We’ve seen this many times…a lower high is made on an attempt to test range resistance which ultimately results in a bearish consolidation breakout. If S&P futures do in face break range support at 1100, we could be in for another 100 to 250 points to the downside. Too early to tell of course, but certainly noteworthy price action.