JOIN OUR MAILING LIST
Assessments / Blog
ES #F Demand with substantial rally
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 it was Demand all the way with an impressive rally that gained 67.50-points. The 2802.50 level was taken out with a close at 2816.50 and Average Supply and Demand Volatility dropped to bullish levels. The ES has wiped out nearly 50% of the down move since the all-time high.
Overhead resistance exists at 2819.00. The Supply/Demand sentiment Tool is in the Greed zone (Overbought) and average Supply/Demand Volatility was the lowest since August the 20th and % stocks > VWAP came in at 71% (up from 46%) at the end of the trading session. This may signal that Yesterday’s up move was maybe too much too quickly after the recent sell-off. A move down into the 2748.50 area is a possibility today.
Daily Signals October the 16th:
S & D Dashboard Algorithm is Bullish except and Daily Signals all turned Bullish
Another move down to 2748.50 is a possibility. The beginning of Q3 earnings releases will definitely weigh in on the markets. The February low at 2529.00 would be the line in the sand if the market moves substantially lower.
Click here for example of reversal trade taken in Feeder Cattle that can be found on this page.
As fast as the downside breakout occurred, the upside recovery appears to be taking place as Q3 Earnings begin to hit the news wires.
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.
Trading Forex, Stocks and Options, Futures and any Commodity, Crypto or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith.