Market Overview: S&P 500 Emini Futures The market formed a weekly Emini embedded wedge in the third leg up (May 23, Jun 28, and Jul 12). The bulls hope that the rally will lead to months of sideways to up trading (broad bull channel). The bears want a reversal from a higher high major trend reversal, a wedge pattern […]
Weekly Crude Oil Bull Leg
Market Overview: Crude Oil Futures The market formed a weekly Crude Oil bull leg in the form of a 5-bar bull micro channel. The bulls want a retest of the July 5 high and hope to get a strong breakout above the triangle pattern. The bears want a reversal from a lower high major trend […]
Weekly EURUSD Follow-through buying
Market Overview: EURUSD Forex The market formed a weekly EURUSD follow-through buying trading above the 20-week EMA. The bulls need to create a breakout above the June high and the triangle with follow-through buying to increase the odds of a retest of the trading range high (Dec 28). The bears want a reversal from a […]
Weekly EURUSD Wedge
Market Overview: EURUSD Forex The market formed a weekly EURUSD wedge bull flag (Feb 14, Apr 16, and Jun 26). The bulls need to create follow-through buying next week (even if it is only a bull doji). The bears see the current move simply as a pullback forming a lower high and want another leg […]
Weekly Crude Oil Tight Bull Channel
Market Overview: Crude Oil Futures The market formed a weekly Crude Oil tight bull channel from the June 4 low. The bulls have a 5-bar bull microchannel which means persistent buying. There may be buyers below the first pullback from such a strong bull microchannel. The bears want a reversal from a lower high major […]
Weekly Emini Third Leg Up
Market Overview: S&P 500 Emini Futures The market is forming a weekly Emini third leg up after a one-bar pullback (last week). The bulls want another leg up completing the wedge in the third leg up with the first two legs being May 23 and June 28. The bears want a reversal from a higher […]
EURUSD Is Stalling
Market Overview: EURUSD Forex The EURUSD is stalling around the bull trend line on the weekly chart. The bears see the last two weeks simply as a pullback and want another leg down to retest the April low. The bulls want a reversal from a higher low major trend reversal and a wedge bull flag […]
Weekly Emini Micro Wedge
Market Overview: S&P 500 Emini Futures The market formed a weekly Emini micro wedge. The bears need to create a strong entry bar with follow-through selling to convince traders that they are at least temporarily back in control. If the market trades lower, the bulls want the pullback to form a higher low or a […]
No Crude Oil Breakout
Market Overview: Crude Oil Futures There is no Crude Oil breakout above the expanding triangle yet on the weekly chart. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 26 and Jun 28) and from around the top of the broadening triangle. The bulls hope to […]
EURUSD Bear Leg
The weekly chart is still in a EURUSD bear leg. The bears need to continue creating follow-through selling to increase the odds of a breakout below the bull trend line. The bulls want a reversal from a higher low major trend reversal and a wedge bull flag (Feb 14, Apr 16, and Jun 14). If […]
