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Assessments / Blog


2018-09-06
ES #F Gap Filled


 

The 26-minute chart shows the gap left open since August the 27th and filled Yesterday within one tick. 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 stated: “We still have an unfilled gap from 2885.50 to 2877.25 and a pullback to this zone is also a possibility, before a move higher”. Price traded to a low of 2877.50 (came within one tick of the bottom of the gap zone), before bouncing up again.

Volatility is still bearish but eased and the Simplified Volume Oscillator is still in Selling pressure territory. Demand showed up later in the trading session.

If price stay above 2877.50 and more Demand shows up today, the longer term uptrend should continue from here, however Volatility is still high and with weakness continuing, more Supply will enter the market, which can drive price even lower.

Daily Signals September the 5th :

The Dashboard readings and signals turned mostly Bullish, but Volatility is still bearish

We also had a Balanced market signal, meaning that sideways price action is a possibility and no clear signals exist for clues to show future direction of price.

Caution:

If Demand enters the market today, the strong close (in the middle of the range) Yesterday will help to push the market higher. If not and Selling pressure continues today, a possible test of the 2863.75 level can occur.

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Link to Facebook Group where these assessments are also posted regularly.

Click here for example of reversal trade taken in Feeder Cattle that can be found on this page.

RISK DISCLOSURE:

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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