The S&P 500 Emini futures traded above last week’s high but reversed to close below last week’s low, closing as a big outside bear bar. There is now an OO (outside-outside pattern). The Emini is in breakout mode. The bar sometimes after an outside bar is an inside bar, forming an ioi (inside, outside, inside) pattern, which is also a breakout mode. Traders will be monitoring whether the bears get a consecutive bear bar or fail to do so. If the bears get it, the odds of a test of the June low increase.
Emini Outside Bull Bar Closing near High
Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures traded below last week’s low but reversed into an Emini outside bull bar closing near the high. Bulls want a reversal higher from a higher low major trend reversal. The bears want at least a small second leg sideways to down following the recent strong sell-off. […]
EURUSD Traded below August Low
The EURUSD Forex traded below the August low but reversed into an outside bull bar on the weekly chart. So far, the bears have not been able to create follow-through selling below the July low. The bulls will need to create a consecutive bull bar next week to increase the odds of a larger 2-legged sideways to up lasting many weeks.
EURUSD Consecutive Bear Bars below 7-Year Trading Range
The EURUSD Forex monthly candlestick was a consecutive bear bar below the 7-year trading range low. The long tails below July and August candlesticks indicate that the bears are not as strong as they could have been. Bears want a breakout below the 7-year trading range low followed by a measured move down based on the height of the 7-year trading range which will take them to the year 2000 low. The bulls want a reversal up from a trend channel line overshoot and parabolic wedge (November 24, May 13 and August 23).
Emini August Monthly Candlestick Low Close
The S&P 500 Emini futures August candlestick closed as a reversal bar near the low. Odds are September should trade at least slightly lower. Bears want another consecutive bear bar to increase the odds of the 3rd leg down of a larger wedge pattern. Bulls want a reversal higher from a higher low major trend reversal.
EURUSD Retest of July Low, Prominent Tail below Weekly Candlestick
The EURUSD Forex weekly candlestick was a bear follow-through bar testing July low. The prominent tail below indicates that the bears are not yet as strong as they would like to be. The bears want a strong breakout and a measured move based on ??? below July low. Bulls want the EURUSD to stall around the July low and another reversal attempt from a wedge bottom (Mar 4, May 13 and July 14) and a double bottom with the July low (July 14 and May 23).
Emini Big Bear Bar Closing near Low
The S&P 500 Emini futures gaped down and close as a follow-through big bear bar near the low on the weekly chart. It is a sign of strength by the bears. Bears want this to be the start of the bear leg testing June low. They want consecutive bear bars closing near the low like the one in April. Bulls want at least a small second leg sideways to up testing Aug high.
Emini Bear Reversal Bar at Major Bear Trend Line
Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures tested above May 4 high with Emini bear reversal bar just shy of the major bear trend line. Bears want a reversal lower from a wedge bear flag (June 28, July 29 and Aug 16), but the move up is in a tight bull channel. The […]
EURUSD Big Bear Bar Retesting July Low
Market Overview: EURUSD Forex EURUSD big bear bar retested the July closing near the low on the weekly chart. Bears want a strong breakout below the July low followed by a measured move down. They will need to create a follow-through bear bar next week to increase the odds of a breakout attempt below the July […]
EURUSD breakout point test sideways to up
The EURUSD Forex continue trading sideways to up, testing the May breakout point. The current pullback has a lot of overlapping price action, indicating that the bulls are not strong yet. The bulls need to create consecutive bull bars closing near their highs and trading back into the 10-week trading range to increase the odds of a failed breakout below the 2017 low. If the pullback remains sideways, odds are the bears will get a second leg sideways to down re-testing July low.
