Today's range has been much narrower than I had expected. What does this mean?
I think it is a sign of exhaustion, especially since it has happened the day after the market broke two obvious low points. The rally off of yesterday's low was feeble, so I think we shall see the ES trade near 1020 before a rally of 25-35 points develops. My advancing issues oscillators are showing bullish divergences and are all at low (oversold) levels (check out my chart page for these). So I think this market is scraping bottom.