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ES #F More Supply
Supply dominated for the 4th consecutive day Yesterday, and the ES closed down 22.00-points. In our last assessment (6th before the open) we mentioned “Today’s price action will probably give more clues to where the market is going in the near term”. Eventually there was follow through to the down side.
Selling pressure is still present, but the Comparative strength is easing. The 2782.50 and 2762.00 levels were taken out. Support to the down side should come in at 2737.75. A greater sell off should find support in the 2696.75 to 2677.75 area.
We may see a pullback to the upside today?
End of the day Signals March the 7th:
S & D Dashboard Algorithm is still Bearish.
Daily Signals turned Bullish.
These readings are an independent assessment of the one and only measureable fundamental market mover: SUPPLY and DEMAND. It does not matter if price is influenced by a geopolitical event, seasonality, fundamental economic data releases or sentiment driven news, etc. It all reflects in Supply and Demand, the “footprints” of the “Big Boys” or “Smart Money”.
Volatility increased. Link to article about volatility VIX setup. Comparative strength eased and Daily signals point to the upside, a pullback upwards is possible today.
Links to recent posts:
CHRIS’ MOST RECENT CLOSED TRADES
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