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ES #F Supply at the end
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.
Supply overcame Demand at the end of Yesterday’s trading session. The ES closed lower by 2.75-points.
Signals are turning Bearish on the Supply and Demand Dashboards, except for average volatility which is still in Bullish territory.
Selling pressure is developing and Comparative Strength is weakening.
In our last assessment we warned: “Average Supply/Demand Volatility Increased on Friday and the Transportation Indexes weakened, which will lead to a pullback if the weakness continues “. The Transportation Indexes weakened Yesterday and Volatility is rising.
If the market continues to pull back to the downside first resistance should be found at 2814.00. The next stop could be 2797.50.
Comparative Strength Watch list:
Comparative Strength in $VIX is rising with Transportation weakening.
End of the day Signals March the 19th:
S & D Dashboard Algorithm turned Bearish, although Average Volatility still in Bullish territory
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”.
If Volatility Increases further and the Transportation Indexes move further to the downside, a pullback to the downside is unavoidable.
Links to recent research post:
US EQUITIES PRICE ANOMALY SETUP CONTINUES
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