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.
Emini breakout below May, trend channel line overshoot
The S&P 500 Emini futures gapped down and broke below the May low. Bears want a continuation to measured moves below around 3600 and 3450. While the bulls have a trend channel line overshoot, they need at least a micro double bottom or a strong bull reversal bar before they would be willing to buy aggressively.
Emini sell vacuum retest of 5/20 low
The S&P 500 Emini futures stalled around the Feb/March low and the bulls failed to get follow-through buying. The bears got the second leg sideways to down they were expecting. Odds favor at least slightly lower prices next week. As strong as the sell-off is, it could simply be a sell vacuum test of the 5 weeks trading range low. If there is a breakout, odds slightly favor a downside breakout more.
Emini possible failed breakout below trading range?
The S&P 500 Emini futures May candlestick closed as a doji bar. The bears failed to get a follow-through bear bar. Bulls see the move down from the January high as a 2 legged pullback and a wedge bull flag (January 24, February 24 and May 20). Bulls will need to close June as a strong bull bar near the high to increase the odds of a failed breakout below the trading range.
Emini strong bull reversal bar closing at high
The S&P 500 Emini futures traded higher closing above the 9-month trading range low (February low). The 7 consecutive bear bars were unsustainable and were a form of a sell climax.
Odds slightly favor a 2 legged sideways to up pullback beginning. However, because of the strong selling since March, traders expect at least a small second leg sideways to down after the pullback is over.
S&P500 Emini bears follow through on weekly chart
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.
Emini likely to continue sideways
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 […]
Emini will likely have to reach 20% correction
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 […]
