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ES #F Supply emerging after the open
The ES lost 7.75-points Yesterday, after failing to take out this week’s high (2686.50), with Supply emerging after the open. Volatility is increasing again and is nearing the Bearish territory (100 and above).
Simplified volume is still in Selling pressure territory. The last swing high was characterised by Negative Delta Volume on the up move, which is a bearish sign.
On the comparative strength/weakness analysis, the ES still shows weakness.
The daily chart (left above) of the $TRAN (Transportation Index) shows how it made a new low, whilst the ES did not make a new low? One could argue that the ES is the stronger one, but given the fact that the $TRAN is most of the time leading the market, the possibility is high that the ES will catch up to the down side. Our first target at 9692.50 was reached on the $TRAN with our final target coming in at 9338.03.
We expect at least one more move down on the ES to test the December 10th low, before any substantial rally.
Daily Signals December the 13th:
S & D Dashboard Algorithm is Bearish (except Volatility which is near bearish), but the Daily Signals are mixed
We had an inside bar Yesterday and a break above that bar’s high could spark a sudden up move.
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