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Assessments / Blog


2018-10-16
ES #F Demand on down bar


Demand was evident Yesterday but the ES lost 19.50-points. Price again stayed in the range of the previous bar (inside bar) closing at 2749.00. Volatility is still high, but settled down. In our previous assessment we cautioned about this range bound price action.

We expect a move into the 2802.50 area, but it is not clear if it will do so before another move down, as signals are mixed at this stage. Price is forming a triangle pattern and could break out to the upside or down side soon. If we had to make a call, a move to the 2803.50 area is a possibility before we will see some more weakness, as Selling pressure is easing, but at this stage signals are mixed and another move down before a rebound is also possible.

In the event of a break to the down side our targets would be 2669.00, 2657.00 and 2567.25.

Daily Signals October the 15th:   

S & D Dashboard Algorithm is still Bullish except for average Volatility but Daily Signals turned Bearish

Average Volatility: Still Bearish at 102%

Caution:

A deeper pullback to the upside followed by more weakness remains a possibility. The February low at 2529.00 would be the line in the sand if the market moves substantially lower.

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