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ES #F Demand overcame Supply
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.
Yesterday we mentioned: ’Short term signals lean to the Bearish side but are mixed, with Average Supply / Demand Volatility moving into Bullish territory and Volume decreased in Yesterday’s down move?’. Volatility increased early in Yesterday’s trading session, but soon eased again. Likewise, price made a low at 2795.00 before closing up 11.75-points at 2822.25. Demand gained the upper hand about half way through the trading session.
The 2835.00 level to the upside is still holding and the 2789.50 level has not been breached on the downside. A close above 2835.00, accompanied by Buying pressure and Volatility staying in Bullish territory, with Comparative strength, would put the Bulls on track again.
End of the day Signals March the 28th:
S & D Dashboard Algorithm turned Bullish
Daily Signals turned to the upside
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 the 2835.00 level to the upside holds and Supply shows up today, another swing down will remain a possibility. Watch out for Volatility which increase and decrease rapidly.
Link to recent research post:PRECIOUS METALS SETUP FINAL BUYING OPPORTUNITY
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