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ES #F Supply galore!
The daily chart of the S&P 500 mini futures contract above shows our proprietary SUPPLY and DEMAND Dashboard and BXB (Bar by Bar) Signals using data from the NYSE.
In our last assessment we cautioned: “Conflicting signals. Demand and Buying pressure is weakening, whilst in the “Greed” zone. Average Volatility at an extreme low. Daily Volatility was Bearish Yesterday.”
We also mentioned the mixed signals are typical before a substantial move up or down. The market closed down 66.75-points Yesterday, after a quick up move, above the previous day’s close. Average SD volatility is now in Bearish territory, with solid Selling pressure.
If there is more follow through to the down side, expect 2817.75 to offer resistance, and if broken the 2789.25 to 2775.75 area can come into play. If the sell-off continues beyond this levels, we expect price to reach 2741.50 by around the 28th of this month, if our proprietary swing system is correct. In our view the near term turned Bearish, and a close above 2944.75 is needed to turn it around.
End of the day Signals August the 23rd:
S & D Dashboard Algorithm is Bearish
Daily Signals are Bearish
These readings are an independent assessment of the one and only measureable fundamental market mover: SUPPLY and DEMAND. It does not matter if price is influenced by a geopolitical event, seasonality, fundamental economic data releases or sentiment driven news, etc. It all reflects in Supply and Demand, the “footprints” of the “Big Boys” or “Smart Money”.
A pullback and some sideways price action is possible for the near term.
Links to recent research posts by The Technical Traders:
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