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ES #F Supply had the upper hand
Supply had the upper hand Yesterday on a narrow range day, with price trading within the range of the previous day. The ES closed lower by 7.25-points.
Selling pressure that was developing a couple of days ago disappeared, and Comparative strength strengthened again.
Daily signals on the Bar by Bar Dashboard turned to the downside.
A lot of mixed signals, however no close above the last swing high at 2819.75 occurred as yet, although a high of 2826.50 was reached a couple of days ago.
In our view the near term and intermediate term is still Bullish. The anticipated pullback did not materialize as yet. If the market cannot close above 2819.75 in the next few days, the possibility of a more significant pullback to the down side will increase in our view. A close above 2819.75 can start a material rally.
End of the day Signals March the 14th:
S & D Dashboard Algorithm showing mixed readings, Average Volatility Still Bullish
Daily Signals changed to the downside
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”.
Mixed signals on a narrow range day. Any signs of weakness that appeared the last few days, disappeared as soon as it showed up and had no material effect on the market. A bar close above the 2819.75 level or not could be a telling factor.
COUNTDOWN TO THE PRECIOUS METALS BREAKOUT RALLY
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