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ES #F Lowest Volatility since 2006
Friday price reached a new high at 2603 with Volatility reaching the lowest level since November 2006. One must be careful to read too much in the price and volume as it was after the holiday with low volumes traded. Except for Volatility reaching near record lows which should alert some caution, no obvious signs of weakness exist at the moment. Follow through to the upside can push price into new territory. If selling pressure develops we should see a pullback. The 2594.50 to 2593.50 area should offer resistance.
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