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ES #F Supply and close just below the Mean
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.
Yesterday we cautioned: “A pullback to the 2838.00 level is a possibility and a break of this level could lead to a deeper sell off”. The ES lost 17.00-points and closed at 2839.75 Yesterday. The Divergence and presence of Supply mentioned previously played out. The market is still vulnerable at this stage, but found resistance at the 2741 (regression mean) to 2738 area, as expected. If more Supply enters the market on Monday a deeper sell off will occur. The Simplified Volume Oscillator is still in Buying pressure territory. Demand with a close above 2852.75 will get the Bulls on track again.
NYSE Daily Signals August the 10th
The Supply and Demand Reading (1st row) came in at -11.1 with Supply dominating the trading session.
Supply and Demand Direction (3nd row) was to the downside (red down triangle), indicating downward direction, with substantial strength.
Average Supply and Demand Volatility (4th row) was at 153% which is bearish. The change in average Volatility from the previous day was negative 43% (Down) as shown on the right of Sup/Dem Dashboard.
We had no 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 85% (Down) shown on the right of BXB Dashboard.
The overall NY Stock market traded Higher for the day (blue up triangle in 3rd row).
46% of stocks (4th row) traded above there VWAP (Volume Weighted Average Price) compared to the previous day’s 42%, a positive sign for the markets.
A pullback to the 2791.00 level still remains a possibility and a break of this level could lead to a deeper sell off, if Demand does not show up Monday. If the 2791 level does not hold, the bulls will be in trouble.
Data is updated in real time during the regular trading session of the NY Stock exchange and does NOT take into account any price indicators or mathematical formulas using price. We do however show the cumulative price change for the trading session and in some instances assess price movement’s relationship to Supply and Demand.
It is therefore fair to say that the readings and signals are independent from other popular price indicators and others shown on the chart. The 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”.
The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading.
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