Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures bears got a weak second breakout attempt below the June low, however, the weekly candlestick had a long tail below. The first 2 legs of the wedge had at least 3 candlesticks. Unless there is a surprisingly big reversal up, the bears expect this leg to […]
Crude Oil Strong Rally, Bulls Need Follow-through
Market Overview: Crude Oil Futures Crude oil strong rally reversed higher closing above the bear trend line and the 20-week exponential moving average. The bulls need to create a follow-through bull bar to increase the odds of higher prices. Bears want a reversal lower from a double top bear flag with August 30 or July 29 […]
EURUSD Bulls Failed to Create Follow-through Buying Again
Market Overview: EURUSD Forex The EURUSD Forex weekly candlestick was a bear reversal bar. The EURUSD bulls failed to create follow-through buying again, a recurring theme since 2021. The bears want a retest of the September low and another breakout attempt. The bulls hope that this is simply a retest of the low and want a reversal […]
Emini Breakout Pullback, Tight Bear Channel
Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures traded higher but gave back most of the gains by Friday. Bears see this simply as an Emini breakout pullback and want another breakout attempt below the June low. Because of the strong selloff, the bulls will need a strong reversal bar or at least a […]
Emini Third Leg Down – Sept Close at Low
Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures September candlestick closed below June low. The odds of an Emini third leg down of a larger wedge pattern have increased. Bulls want a reversal higher but need at least a strong reversal bar or a micro double bottom before they would be willing to buy […]
Crude Oil No Follow-through Selling on Weekly Chart
Market Overview: Crude Oil Futures The Crude oil futures continue to trade lower in a tight bear channel. However, there is a lot of overlapping price action on the weekly chart (crude oil no follow-through) which means the bears are not yet as strong as they could have been. The bears failed to get follow-through selling following […]
EURUSD Weak Bear Bar with Long Tail Below
Market Overview: EURUSD Forex The EURUSD Forex monthly candlestick was another EURUSD weak bear bar after breaking below the 7-year trading range low. There is now a micro wedge (July, Aug and Sept) on the monthly chart. Bulls want a larger 2-legged sideways to up pullback before the EURUSD trades lower. The problem with the […]
EURUSD Big Bear Breakout below Sept Low
The EURUSD Forex broke out below Sept low with strength. The bears want a persistent trend down towards the year 2000 low. If the bears start getting consecutive bear bars closing near the low, the odds of this increase. The bulls will need to create strong consecutive bull bars closing near their highs to create a failed breakout soon.
Emini Breakout below OO Pattern
The S&P 500 Emini futures broke out below the OO (outside-outside) pattern and tested close to the June low. The June low is close enough to be a magnet. Bulls want a reversal higher from a double bottom major trend reversal. However, because of the strong sell-off, the bulls will need a strong reversal bar or at least a micro double bottom before they would be willing to buy aggressively.
EURUSD Weak Bear Bar after Testing Bear Trend Line
The EURUSD Forex was a weak bear bar with tail above and below. The bulls failed to create a consecutive bull bar on the weekly chart. The bulls hope that this week was simply a pullback and wants at least a small second leg sideways to up closing above the bear trend line. The bears will need to create a follow-through bear bar to increase the odds of the EURUSD trading lower.
