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Assessments / Blog
ES #F Divergences
As expected and mentioned in our assessment on the 11th “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.” The 2772.75 held and Yesterday the S&P 500 mini futures contract closed at 2798.50 with a high of 2801.00. At the time of this writing the ES is trading at 2806.25 and our 3rd target set on May the 23rd was reached.
The upward thrust is weakening with volatility increasing, and Divergences on the Simplified Volume Oscillator and the Supply / Demand Sentiment Tool, as price is approaching the 1st Standard deviation of the Regression channel at 2813.50.
A pullback seems likely soon.
NYSE Daily Signals July the 12th
The Supply and Demand Reading (1st row) came in at 2.4 with Demand dominating the trading session.
Supply and Demand Direction (3nd row) was to the upside (lime up triangle), indicating upwards direction, with substantial strength.
Average Supply and Demand Volatility (4th row) was at 119% which is bearish. The change in average Volatility from the previous day was negative -11% (Down) as shown on the right of Sup/Dem Dashboard.
We had a buy signal on the signals board (1st row).
Daily Volatility direction (2nd row) was Up (blue up triangle). The change in daily Volatility from the previous day was positive 235% (Up) shown on the right of BXB Dashboard.
The overall NY Stock market traded Higher for the day (blue down triangle in 3rd row).
60% of stocks (4th row) traded above there VWAP (Volume Weighted Average Price) compared to the previous day’s 34%, a positive sign for the markets.
Keep an eye on weakening Demand as a Pullback seems likely, but price should stay above the 2753.00 level unless strong Supply emerge.
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