Learn to Trade Price Action Consistently
The bears got a bear follow-through bar on the S&P 500 Emini futures weekly chart. There are 7 consecutive bear bars on the weekly chart, something that has not happened since February 2001. It increases the odds of a bull bar within the next 1- to 3-weeks.
pullback (bounce) would be minor.
Trading Update: Friday May 20, 2022 Emini pre-open market analysis Emini daily chart Wednesday bear breakout bar and yesterday’s weak bull doji bar add further confusion to the market and increases the odds of more trading range price action The bears got disappointment after Wednesday’s big bear breakout bar. The bulls hope that yesterday is […]
Trading Update: Thursday May 19, 2022 Emini pre-open market analysis Emini daily chart Emini yesterday was a big bear trend day reversing the past three trading days. This is a sign that the market may have to go lower and likely reach 20% correction (3,839.75). May 18 is a big enough surprise bar to increase […]
Trading Update: Wednesday May 18, 2022 Emini pre-open market analysis Emini daily chart Emini at resistance with yesterday’s bulls getting within 10 points of the February 24 low. There will likely be some profit-taking in this area from scale in bulls who bought betting against the bear breakout below February 24. Since the market is […]
Trading Update: Tuesday May 17, 2022 Emini pre-open market analysis Emini daily chart Emini yesterday was a doji bar following Friday’s entry bar. This is disappointing for bulls and a sign of trading range price action. The market is getting near the bottom of the 3-month trading range (February – April) and will likely test […]
The S&P 500 Emini futures broke below the 9-month trading range this week but closed as a reversal bar with a bear body and a long tail below. The selling has been climactic. The bulls hope that a 2 legged sideways to up pullback will begin soon. The bears will need to create another bear bar to confirm the breakout below the trading range.
The S&P 500 Emini futures had a weak breakout below February low. Bears hope this is simply a breakout pullback and wants a strong breakout and a measured move down. Bulls want a reversal higher from the bottom of the 9-month trading range. They see a wedge bull flag and a lower low major trend reversal setup.
However, the sell-off from March 29 has been strong. Odds are, a pullback (bounce) from here would be minor and traders expect at least a small second leg sideways to down after a slightly larger pullback.
The S&P 500 Emini futures has 4 consecutive bear bars closing near the low on the weekly chart, testing the February low. The bears need a couple of closes below the February low on the weekly chart to convince traders that a deeper correction may be underway. The bulls hope that this is simply a sell vacuum test of the trading range low.
The Monthly candlestick is forming the second leg down from the January top. The Emini is in a 9-month trading range. While odds slightly favor a test below February low, breakouts from trading ranges fail 50% of the time.
The S&P 500 Emini futures had a failed failure on the weekly chart. Odds slightly favor sideways to down early next week. It may even gap down on Monday. However, small gaps usually close early.
Bears want a test of the February low followed by a strong breakout and a measured move down. Bulls want next week to have a bull body, even though the Emini may trade lower first.
The S&P 500 Emini futures had a consecutive bear bar on the weekly chart. The bears are hoping to get the 3rd consecutive bear bar trading far below March 3 high. If they get that, the odds of a test of the February low increases. The bulls see this as a 50% pullback and want a 2nd leg sideways to up to re-test March 29 high.
