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ES #F Supply on Advance, mixed signals
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 traded to a low of 2891.75, before closing at 2902.00 on Friday, the same level as the previous day where a pullback occurred. Supply dominated the trading session on Friday? The short term signals (for the day only) was bullish, but average Volatility is still bearish.
If Volatility stays above 100 (which is bearish) and Selling pressure develops Tomorrow, we should see a continuation of the pullback that started last week Thursday. The 2891.75 to 2879.25 level should offer support. We still have an unfilled gap from 2886.50 to 2877.50 and a pullback to this zone is also a possibility, before a move higher above the previous high at 2917.50.
Daily Signals August the 31st
The Dashboard readings and signals are mixed
Short term bullish, longer term more bearish
Good possibility that a pullback will occur Tomorrow.
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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