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ES #F Heavy Supply later in session
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.
As mentioned Yesterday the chances was good of a deeper selloff. Heavy Supply later in the session emerged, with the result that the ES lost 9.25-points. All signals turned bearish and if demand does not show up today, more weakness will follow. If selling continues today support should be found at the 2895.00 to 2883.50 area.
In our view a bar close above 2936.00 will be needed to reverse the near term bearishness.
Daily Signals September the 26th:
S & D Dashboard readings and Daily Signals are all now bearish
Watch Supply and Demand carefully today. If Yesterdays low at 2907.50 is taken out, the sell-off can extend into the 2895.00 to 2883.50 area. A bar close above 2936.00 can reverse the near term bearishness.
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