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ES #F Demand on S&P mini
The 3-day and daily charts above show our proprietary SUPPLY and DEMAND Dashboard and BXB (Bar by Bar) Signals, based on data from the S&P futures mini contract. It paints a different picture, compared to the data of the overall NYSE market normally used.
The daily chart above (with our alternative algorithm) shows “hidden” Demand on Fridays down bar, which is also a Smart money bar. In addition, the 3-Day bar that closed on Friday is also a Smart money down bar and Selling pressure has not developed as yet on the 3-Day chart. Volatility has also eased a bit.
Overnight trading has also pushed price up and was trading at 2879.50 at the time of this writing. Fridays daily candle also represents a potential Spring formation and a rally above 2891.75 can reverse the near term down trend. Based on the above the possibility for a short term reversal to the upside is good today.
Volatility is still at high levels and need to ease more for any reversal to the upside.
September has also been historically the worst performer for the S&P 500:
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