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ES #F Supply with Volatility increasing
In our previous assessment we mentioned that Volatility is still rising and warned about the Divergence to the down side on the 3-Day chart and also stated “There is an unfilled Gap to the downside and a possibility that the 2894.00 to 2889.00 levels may be tested”.
The above mentioned conditions played out Yesterday. The ES (Dec contract) traded to a low of 2892.25 Yesterday and closed at 2896.00 as Volatility increased and Supply stepped in. At the time of this writing the ES was trading at 2887.75 and he Gap to the down side left open on the 13th, was closed at the time of this writing.
We expect Support at 2883.50 to 2880.00, but Selling pressure developed and Average Volatility increased with 21%, leaving the market vulnerable to more weakness.
Daily Signals September the 17th:
All Dashboard readings and Daily Signals turned Bearish
We do not expect a material move upwards until Buying pressure develop and Volatility decreases. More weakness is a possibility.
FALLING STOCK PRICES DURING US ELECTIONS?
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