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Assessments / Blog


2018-09-21
ES #F New high with Demand in Greed territory (Overbought)


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.

In our previous assessment we mentioned the strong Demand with little result. This turned out to be absorption before Yesterday’s advance. The ES made a new high Yesterday with Demand reaching the Greed zone (Overbought). We saw another Smart money up bar with average Volatility reaching its lowest reading since August the 20th. This can mean that the high reached its peak for the moment.

There is an unfilled gap to the downside.

Any weakness may lead to a pullback Today or Monday. The 2917.25 to 2915.00 area should offer support if a significant pullback occurs.

Daily Signals September the 20th:   

All S & D Dashboard readings and Daily Signals turned Bullish

Caution:

At the time of this writing, the ES was up another 2-points. If a significant pullback does not occur in the next 2 trading days, sideways price movement is a possibility. In our view the market is overly bullish at the moment, which can also mean the Buying momentum can still take price higher Today, before any significant pullback will occur.

Link to Facebook Group where these assessments are also posted regularly.

Click here for example of reversal trade taken in Feeder Cattle that can be found on this page.


ARE GOLD AND SILVER GOING TO FOLLOW A REBOUND IN ASIAN STOCKS?

Click on this link to learn more!

Source:

Stock & ETF Trading Signals

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The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading.

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