Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures traded higher and formed a TCL Overshoot (trend channel line). The bulls want a strong breakout above the August high and a measured move up to around the March 2022 high area. The bears want a failed breakout above the August high and at least a […]
Emini Buying Follow-Through
Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures weekly candlestick was a bull doji therefore the bulls got buying follow-through following last week’s breakout above the February 2 high. The bull’s next target is the August high. The bears want a failed breakout above the February 2 high and a reversal down […]
Crude Oil Tight Trading Range
Market Overview: Crude Oil Futures The Crude oil futures formed a tight trading range in the last 5 weeks. The bears want a retest of the May 4 low. They will need to create a follow-through bear bar next week. The bulls want a reversal from a higher low major trend reversal. Poor follow-through and reversals are […]
EURUSD Minor Pullback
Market Overview: EURUSD Forex The EURUSD Forex formed a minor pullback following a 5-bar bear microchannel. Often, there are sellers above the first pullback from such a strong bear microchannel. The bulls hope to get at least a retest of the April high after the current pullback. They want the 20-week exponential moving average to […]
EURUSD Micro Double Top
Market Overview: EURUSD Forex The EURUSD Forex traded down in May from a EURUSD micro double top (April and May) and closed below the 20-month exponential moving average. The bears need to create follow-through selling in June to increase the odds of a deeper pullback. The bulls want the broad bull channel to continue up […]
Crude Oil Weak Second Leg Retest of May Low
Market Overview: Crude Oil Futures The Crude oil futures formed a weak second leg retest of May low on the weekly chart. The market traded lower but reversed higher to close above the middle of the weekly candlestick with a long tail below. The bears hope to get follow-through selling next week and a retest of the […]
Emini Breakout above February 2 High
Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures breakout above the February 2 high this week. The bulls will need to create follow-through buying next week to increase the odds of higher prices. The bears want a failed breakout above the February 2 high. If the Emini trades higher, they want a […]
Crude Oil Sideways Trading Range
Market Overview: Crude Oil Futures Crude Oil sideways trading range formed in the last 3 weeks. The bulls want a reversal from a double bottom (Mar 20 and May 4) and a higher low major trend reversal (May 15). The bears want another leg down testing the May 4 low. The market is in a 27-week […]
EURUSD Tight Bear Channel
Market Overview: EURUSD Forex The EURUSD Forex formed a EURUSD tight bear channel closing below the 20-week exponential moving average (EMA). The bears want follow-through selling next week. If they get that, it increases the odds of a deeper pullback beginning. The bulls want the 20-week EMA to act as support and hope the market will reverse […]
Emini Follow Through after ioi
Market Overview: S&P 500 Emini Futures The S&P 500 Emini futures follow through after ioi (inside-outside-inside) breakout pattern last week. However, the bulls have not yet been able to break above the February 2 high. Buying at the top of a trading range (before a confirmed breakout with follow-through buying) is not an ideal setup. […]