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.
Emini Big Bear Outside Bar – OO Breakout Mode
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. […]
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.
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 […]
Emini 4th consecutive bull bar – bull leg in trading range?
The S&P 500 Emini futures continue the strong rally up, likely to test the May 4 high and the bear trend line. The move up is strong enough for traders to expect at least a second leg sideways to up after a pullback. The bears want a reversal lower from a wedge bear flag (June 28, July 29 and Aug 13), but because of the strong leg up, the bears will need at least a micro double top or a strong reversal bar before they would be willing to sell aggressively.
Emini futures double top bear flag, but strong leg up
The S&P 500 Emini futures tested close to the June 2 high. Bears want a double top bear flag, but the bull small bar on the weekly chart is a weak sell signal bar for next week. The move up since July 14 is fairly strong. Odds are the bulls will get at least a small second leg sideways to up after a pullback.
Emini monthly candlestick close above 20-month EMA
The S&P 500 Emini futures closed below the 20-month exponential moving average in June. It reversed to close above the 20-month exponential moving average in July, like the prior 2 occurrences during the sell-off in December 2018 and the Covid-19 sell-off in 2020. The bulls need to create a consecutive bull bar in August to increase the odds of a re-test of the all-time high. July is an inside bull bar. It is a breakout mode pattern. The first breakout has a 50% chance of failing.
Emini failed breakout below inside bar on weekly chart
The S&P 500 Emini futures broke below the prior week’s bull inside bar but reversed to close near the high. It is likely a failed breakout from the i pattern. Bulls want a reversal higher from a wedge bottom and a trend channel line overshoot. They want at least another leg higher from a higher low major trend reversal. The bulls will need to create consecutive bull bars closing far above the June 28 high to increase the odds of a test of the June 2 high.
