Assessments / Blog

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


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.

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