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ES #F Early bounce but Supply stepped in
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 ES made a recovery of 37.50-points Yesterday before Supply took over later in the session and closed down 30.00-points at 2639.50, after trading at a low of 2603.00. The high came in at 2707.00. This was more or less the same price movement pattern we saw on Friday with a huge price swing of 101-points (high to low) on very high Volatility.
Volatility is still very high but at the time of this writing, selling pressure is easing again. This will probably lead to a pullback to the upside Today.
Daily Signals October the 29th:
S & D Dashboard Algorithm is Bearish and Daily Signals are mixed, BUT Volatility eased
These readings are an independent assessment of the one and only measureable fundamental market mover: SUPPLY and DEMAND. It does not matter if price is influenced by a geopolitical event, seasonality, fundamental economic data releases or sentiment driven news, etc. It all reflects in Supply and Demand, the “footprints” of the “Big Boys” or “Smart Money”.
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.
US ELECTIONS MAY TRIGGER MAJOR MARKET BOTTOM – PART 1
The current election event, November 6, 2018, is somewhat unique as it also coincides with the US Fed having raised FFR rates considerably over the past 2+ years as well as after a dramatic price increase in the US equities markets following the election of President Donald J. Trump. You can clearly see from the chart below that the QQQ has increased by nearly $80+ over the past two years while that same $80 increase existed over the entire Obama stock market recovery (8 years). This reflects the amount of increased volatility and activity that is within the current global capital market.
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