MC Trading

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.

Yesterday price traded to a low of 2866.00, and stayed above the 2865.00 level (mentioned in our previous assessment as a danger point). The close came in at 2892.50 and the ES recovered later to close down only 1.50-points, 26.50-points above the low. This was again a remarkable recovery and price closed near the top of the candle, setting up a potential Spring formation again. Our Supply and Demand Algorithm showed a Demand reading on Yesterday’s down bar.

 The Divergences mentioned previously played out at the end. A quick rally and bar close above 2914.50 should favour future Bullish recovery.

We are still in Selling pressure territory and there is a possibility for more weakness. We expect the 2882.00 to 2873.25 area to be tested. This may happen before or after a possible rally attempt to the 2914.50 area. If the 2865.00 level is taken out the market could be in serious trouble.

Daily Signals October the 8^th:   

S & D Dashboard algorithm was mixed, But Daily Signals Are Bullish

Caution:

A bar close Today above 2914.50 could give credibility to the potential Spring formation. Daily Volatility dropped by 101% and can be a Bullish indication if sustained. We are still in Selling pressure territory. If the 2865.00 level is taken out the market could be in serious trouble. Be warned that historically, October is the most Volatile month of the year!

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.

WILL OIL FOLLOW HISTORICAL PATTERNS?

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RISK DISCLOSURE:

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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