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ES #F Highest Supply since previous sell-off?
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 was earmarked by the highest Supply since the previous sell-off and the ES lost 71.50-points to close at 2674.75, after trading at a low of 2652.25 (a few points below our resistance at 2657.00 identified in the previous assessment).
Volatility reached a very high level with sustained selling pressure. A bar close below 2657.00 to the down side will lead to more weakness and the next downside support should come in at 2625.00.
The chart paints a picture of a very vulnerable market, however the ability of the market to suddenly reverse at extreme levels is legendary.
Daily Signals October the 24th:
S & D Dashboard Algorithm and Daily Signals are all Bearish
Be cautious of the legendary V-shape reversals. The February low at 2529.00 would be the line in the sand if the market moves substantially lower.
Batten Down The Hatches, Mates!
Right now this is just a price correction – yes, a DEEP price correction. Those February 2018 lows are the ultimate test for a new bearish trend to setup.
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