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ES #F Demand on decline
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. The 26-minute chart shows the unfilled gap to the down side.
In our previous assessment we warned about a possible pullback. ES made a new high on Friday with Demand outweighing Supply, but Demand weakened later and the ES close down 5.75-points.
There is an unfilled gap to the downside and Buying pressure is also weakening.
Supply and Demand readings and signals were mixed on Friday and more weakness is a possibility on Monday. The 2918.00 to 2915.00 area should offer support if the pullback continues on Monday.
Daily Signals September the 21th:
S & D Dashboard readings mostly Bullish but Daily Signals turned Bearish
If Selling pressure develops we could see a significant pullback. The 2918.00 to 2915.00 area should offer resistance and if broken the 2890.50 can be the next stop.
CL #F OIL BOUNCE PREDICTED ON THE 7th
Oil traded to a high of 71.81 on Friday up more than $2.00 since we published a link to an article on the 7th. Link to our article.
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