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ES #F Demand was the winner in Volatile session
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.
As expected the ES closed higher Yesterday and gained 9.75-points. We warned that Volatility was still high Yesterday and so it was, a highly volatile session, as the 2665.00 low of the Spring mentioned previously was tested, making a low of 2667.25, before moving up. We did not see a bar close above the important resistance level at 2891.75, but is was broken with a high of 2893.00. We can be more certain that the near term trend has also changed to the upside, but some sideways trading and smaller pullbacks are possible before we see another move higher. A bar close below 2865.00 can still upset the near term picture. In our view only a bar close below 2803.00 can hurt the longer term Bullish picture.
Daily Signals September the 11th:
The Dashboard readings and signals, except for Daily Volatility were bullish
Sideways trading in ranges with smaller pullbacks is a possibility, before another move to the upside. We had an exhaustion warning signal Yesterday.
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