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ES #F Supply on Advance
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 another all-time high Yesterday, and the expected pullback did not occur, but closed higher by only 1.25-points. Supply dominated this small advance? The short term signals (for the day only) is bearish and the Simplified Volume Oscillator still shows weakness with a divergence to the down side, as well as the Supply and Demand Sentiment tool.
Based on the above chances for a pullback today is very good. The 2893.00 to 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.
Daily Signals August the 28th
The Dashboard readings and signals are mixed
Short term bearish, longer term more bullish
Good possibility that a pullback will occur Today.
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”.
STOCK MARKET SETTING UP FOR A BIGGER PULLBACK – PART I
STOCK MARKET SETTING UP FOR A BIGGER PULLBACK – PART II
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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