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ES #F Demand with Volatility decreasing
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.
Demand stepped in Yesterday and Volatility decreased, which drove price to a new high of 2917.75. Signals on the Dashboards turned bullish, but a Divergence to the down side developed on the Simplified Volume Oscillator, indicating Buying pressure is weakening and we have a Smart Money Up bar at the high. The picture is thus bullish again, but not convincing and weakness may follow in the next few days, if Selling pressure develops.
We have three highs within one tick of each other (Triple top?).
Daily Signals September the 18th:
All Dashboard readings and Daily Signals turned Bullish
Although Buying pressure developed, it is weakening and if Volatility increases, weakness is a possibility within the next few days.
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