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ES #F Demand with Buying pressure
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 mentioned in our previous assessment, Volatility was lower with Buying pressure that was maintained Yesterday. The result was that the ES closed higher as expected Yesterday and gained 16.75- points. However, the Daily signals turned bearish Yesterday, with % Stocks above their VWAP falling below 50% to 47% and Daily Volatility up by 8%. This could mean that a pullback will be happening within the next few trading days, if Volatility keeps on rising Today and next week. We can still expect a new high today, followed by a pullback.
Daily Signals September the 13th:
All Dashboard readings were bullish, but Daily Signals turned Bearish
Daily Volatility has risen Yesterday and the overall stock market traded lower, so a pullback can be expected within a few trading days if this does not improve.
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