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ES #F Supply, sell-off and bounce back

Yesterday the ES lost 53.00-points and made a low of 2583.00 (taking out the October low), before closing up 5.50-points at 2641.50. Volatility is still in Bearish territory but eased.

Simplified volume is still in Selling pressure territory and the Supply/Demand Sentiment came out of “Fear” territory.  

On the comparative strength/weakness analysis, the ES still shows weakness, but is at extreme levels.

A Spring formed Yesterday and a move higher is expected, although all the recent Springs in the current down trend, only resulted in a pullback, where after the down trend continued. A test of Yesterday’s low could also be expected.

A rally should find resistance in the 2712.00 to 2762.50 area. A bar close above 2814.00 should threaten the current down trend.

Daily Signals December the 10th:

S & D Dashboard Algorithm is still Bearish, but the Daily Signals turned Bullish


Comparative weakness is still at or near extreme levels, and a pullback to the upside is possible, in which case we expect resistance in the 2712.00 to 2762.50 area.


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Click here for example of reversal trade taken in Feeder Cattle that can be found on this page.


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