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ES #F Demand still in Greed zone
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 saw a narrow trading range on lower volume and price could not reach the 2863.75 level. The anticipated pullback did not occur. We had a Smart money up bar. The Simplified Volume Oscillator is still in Buying pressure territory, but turned down and Demand sentiment is still in the “Greed” zone (overbought), making a pullback to the downside a possibility Today, before any possible move higher. A move above 2863.75 will probably lead to an attempt to take out the January high, but we expect some weakness first.
NYSE Daily Signals August the 20th
The Supply and Demand Reading (1st row) came in at 2.7 with Demand dominating the trading session.
Supply and Demand Direction (3nd row) was to the Upside (lime up triangle), indicating upward direction, with substantial strength.
Average Supply and Demand Volatility (4th row) was at 31% which is bullish. This is a very low reading and may represent a climax, with possible reversal. The change in average Volatility from the previous day was positive 40% (Up) as shown on the right of Sup/Dem Dashboard.
We had balanced 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 0% (Neutral) shown on the right of BXB Dashboard.
The overall NY Stock market traded Lower for the day (maroon down triangle in 3rd row).
53% of stocks (4th row) traded above there VWAP (Volume Weighted Average Price) compared to the previous day’s 68%, a negative sign for the markets.
Demand sentiment is in the “Greed” zone (overbought), making a pullback to the downside a possibility Today. A move above 2863.75 will probably lead to an attempt to take out the January high, but we expect some weakness first.
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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