Assessments / Blog

ES #F Strong Supply with strong close

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 closed down only 18.25-points Yesterday on the highest Supply since December the 4th. The strong close suggests a fair amount of demand pushed price up from the low. Our final phase 1 target of 2475.00 was taken out with the low coming in at 2441.50.

 Our new phase 2 targets according to our swing system to the down side are: 2431.00, 2391.00 and finally 2364.00. These are medium term targets for swing trading, if Supply continues to dominate.

We are still in Selling pressure territory and no signs that selling pressure is easing, with the ES still at very weak levels according to our comparative strength analysis. Supply/Demand sentiment is in the “Fear” zone. Price nearly reached the bottom of the Elliott wave trend channel and a near-term bounce to the upside is possible soon.

Resistance to the upside is identified at 2521.75, 2542.50 and 2583.00.

End of the day Signals December the 20th:   

S & D Dashboard Algorithm is Bearish but the Daily Signals are mixed


Volatility went up, so wild price swings may continue. A move to the upside is a possibility.

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