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.
Emini bull inside bar on weekly chart
The S&P 500 Emini futures weekly candlestick was a bull inside bar closing near the high. Bears failed to create follow-through selling this week. Bulls want a consecutive bull bar next week, something they have failed to do since April. They want a reversal higher from a trend channel line overshoot and a wedge bottom (Feb 24, May 20 and June 17). Since this week was an inside bar, the Emini is in breakout mode. The bear trend line remains a resistance above.
Emini June bear bar with long tail below, TCL overshoot
The S&P 500 Emini futures June monthly candlestick was a bear bar with a long tail below. It also overshot the trend channel line. Bears want a measured move down to 3600 based on the height of the 9-month trading range height or lower around 3450, based on the height of the 12-month trading range starting from May 2021. The bulls from the January top as a two-legged pullback. They want a reversal higher from a wedge bull flag (February 24, May 20 and June 17) and a trend channel line overshoot.
Emini reversed higher from trend channel line overshoot
The S&P 500 Emini futures reversed higher from a trend channel line overshoot and a wedge bottom. The bears failed to create follow-through selling below May low on the weekly chart. The bulls want a reversal higher from a trend channel line overshoot and a wedge bottom. The bulls will need to create follow-through buying next week to convince traders that a reversal higher may be underway.
