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ES #F Supply on attempts to move higher
The daily chart of the Transportation Index above (Left) shows the breakdown from October the 1st swing high. A break below 10925.00 could lead do a deeper sell-off in the markets. See link below.
The daily chart of the S&P 500 mini futures contract above (Right), shows our proprietary SUPPLY and DEMAND Dashboard and BXB (Bar by Bar) Signals using data from the NYSE.
Attempts by demand to move price higher failed Yesterday and Supply dominated at the end of the day. The 2882.00 to 2873.25 area were tested Yesterday as expected and price made a low of 2874.50 before closing 5.50-points down at 2888.25.
We are still in Selling pressure territory and there is a possibility for more weakness. We still expect a 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 9th:
S & D Dashboard Algorithm and Daily Signals all turned Bearish
A bar close above 2914.50 still could give credibility to the potential Spring formation as mentioned Yesterday. Average Volatility dropped, but daily Volatility increased by 43%. 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!
Click here for example of reversal trade taken in Feeder Cattle that can be found on this page.
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