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ES #F Demand but be cautious
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.
In our last assessment we mentioned: “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.”. The 2835.00 level was exceeded and price made a new near term swing high.
However, price reached the “Greed” (Overbought) zone and the Comparative Strength reached the 2 Standard deviation level to the upside and a pullback to the downside may follow. The ES also show weakness compared to the Russel 2000 (see link to research post from The Technical Traders).
End of the day Signals April the 1st:
S & D Dashboard Algorithm is Bullish
Daily Signals point 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”.
Price reached “Overbought” levels. Watch out for Volatility which can increase again.
Link to recent research posts:
WAITING FOR THE RUSSELL 2000 TO CONFIRM THE NEXT BIG MOVE
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