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Assessments / Blog


2018-07-11
ES #F Decreasing Demand


As expected and mentioned in our assessment on the 6thWe expect the 2748.00 to 2756.25 area to offer some resistance and pullbacks from here is a possibility. A bar close above this level will pave the way to test the 2796.00 level”. The 2796.00 was tested Yesterday with a high of 2797.75 and a close at 2786.00. We also cautioned that a possible pullback may occur and that is happening at the time of this writing with the S&P 500 mini futures contract trading at 2777.50. The Divergence as shown on the Simplified Volume Oscillator is playing out at the moment.

Demand is subsiding and a pullback to the 2745.00 area is a possibility. If no bar close below the 2772.75 level occurs, we can see prices going to 2800.00 and beyond, possibly 2840.00 soon.

NYSE Daily Signals July the 10th    

Dashboard:

The Supply and Demand Reading (1st row) came in at 1.5 with Demand dominating the trading session.

Supply and Demand Direction (3nd row) was to the upside (blue up triangle), indicating upwards direction, with no substantial strength.

Average Supply and Demand Volatility (4th row) was at 68% which is bullish. The change in average Volatility from the previous day was negative -10% (Down) as shown on the right of Sup/Dem Dashboard.

BXB Signals:

We had an unbalanced market warning signal on the signals board (1st row).

Daily Volatility direction (2nd row) was Down (maroon down triangle). The change in daily Volatility from the previous day was negative -37% (Down) shown on the right of BXB Dashboard.

The overall NY Stock market traded Lower for the day (maroon down triangle in 3rd row).

48% of stocks (4th row) traded above there VWAP (Volume Weighted Average Price) compared to the previous day’s 56%, a negative sign for the markets.

We are still above the Mean at 2772.75. If price stay above this level, we should see the upward move continuing.

Caution:

Pullbacks can occur but should stay above the accumulation zone unless strong Supply emerge. The 2745.00 level can be tested again.

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Click here for example of reversal trade taken in Feeder Cattle that can be found on this page.

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