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Assessments / Blog


2018-11-19
ES #F Demand not convincing


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.

As stated previously: “The Simplified Volume Oscillator is still in Selling pressure territory and we do not expect any substantial move higher today, unless we move into Buying pressure territory.” The ES gained 8.50-points on Friday with Demand the winner at the end but not convincing.

The chart above shows the comparative strength of the ES/SPY against the Dollar Index, Gold, Bonds and XLU. In nearly all comparisons the ES/SPY looks weaker. This points to more weakness in the ES to come, unless very strong Demand emerge.

In our view only a close above 2762.50 accompanied by strong demand, will threaten the near term down trend.

Daily Signals November the 16th:   

S & D Dashboard Algorithm was Bullish but Daily Signals are mixed

The % > VWAP at 63% but Daily Volatility still Bearish

Caution:

Selling pressure is easing, but comparative strength analysis shows still weakness. A close above 2762.50 could break the near term down trend.

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