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ES #F New all-time high, possible weakness
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.
The mini S&P 500 futures contract made a new all-time high Yesterday, and the expected pullback did not occur. The short term signals (for the day only) turned bearish and the Simplified Volume Oscillator shows weakness with a divergence to the down side, with the Supply and Demand Sentiment tool approaching the “Greed” level.
Based on the above chances for a pullback is good. The 2869.75 level should offer support and if it penetrated the 2863.75 to 2861.00 level should offer further support. A close below this level can lead to a larger pullback.
Our first target to the upside was reached Yesterday.
Daily Signals August the 27th
The Dashboard readings and signals are mixed
Short term bearish, longer term bullish
Good possibility that a pullback will occur Today.
STOCK MARKET SETTING UP FOR A BIGGER PULLBACK – PART I
STOCK MARKET SETTING UP FOR A BIGGER PULLBACK – PART II
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