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ES #F Rebound followed by more Supply
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 expected rebound took price to a high of 2798.75 (in the 2771.50 to 2803.00 area) Yesterday before more weakness and Supply drove price down to a low of 2712.25. Price closed away from the low at 2748.00. Volatility is still high, but if it settles down, we expect another rebound into the 2803.00 to 2847.00 area today.
Selling pressure has eased, but should it increase and high Volatility is maintained, more weakness can occur.
Daily Signals October the 11th:
S & D Dashboard Algorithm remains Bearish but Daily Signals turned Bullish
% > VWAP: Improved but still low at 25%
The market is still highly Volatile at the moment and rebounds with more weakness is a possibility. Be warned that historically, October is the most Volatile month of the year! If Volatility settles down, sideways movement with range bound up and down swings is a possibility for some time.
US TRANSPORTATION INDEX SUGGESTS BOTTOM MAY BE FORMING
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