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ES #F Demand with climax low in Volatility
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.
Price advanced for the past few days as expected. The ES closed higher by 23.00-points Yesterday with Supply / Demand Volatility the lowest since October the 16th (the day before the recent 2nd leg sell-off began). Demand came in stronger than the day before, but price did not move as much as the day before Yesterday which is an anomaly. Although Buying pressure is on the increase, the result is less than what would be expected for the Buying efforts?
The market does not appear so strong as it should have been with the strong Demand and Volatility data readings, and a downward movement today or Monday is a possibility. Resistance to the upside is at 2756.00 and this level could be tested before a pullback to the downside occurs.
Daily Signals November the 1st:
S & D Dashboard Algorithm and Daily Signals are all Bullish
Volatility decreased to 47% and reached a very low level, making a bearish reversal a possibility
The Supply and Demand Sentiment Tool is nearly at the Greed level. Volatility reached a climatic low and may reverse to the Bearish side. Wild price swings are still a possibility.
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