{"id":170762,"date":"2023-02-19T01:30:00","date_gmt":"2023-02-19T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=170762"},"modified":"2023-02-24T11:26:05","modified_gmt":"2023-02-24T19:26:05","slug":"emini-consecutive-dojis","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-consecutive-dojis\/","title":{"rendered":"Weekend Emini Consecutive Dojis"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: S&amp;P 500 Emini Futures<\/h2>\n\n\n\n<p>The <strong>S&amp;P 500 Emini<\/strong> futures weekly chart formed a pair of Emini consecutive dojis. There are often buyers below the first pullback from a strong channel up like the tight 8-bar bull micro channel. The bulls hope to get at least a retest of February high. The bears need to create strong follow-through selling next week to increase the odds of a test of the 20-week exponential moving average.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P500 Emini futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> S&amp;P 500 Emini chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars-680x383.png\" alt=\"Emini Consecutive Dojis on weekly chart\" class=\"wp-image-170940\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.investing.com\/indices\/us-spx-500-futures\" target=\"_blank\" rel=\"noreferrer noopener\">This week\u2019s Emini candlestick<\/a>&nbsp;was bear doji closing above last week\u2019s low.<\/li>\n\n\n\n<li>Last week, we said that while we may see some pullback, odds slightly favor the Emini to still be in the sideways to up phase.<\/li>\n\n\n\n<li>This week broke below last week\u2019s low, ending the 8-bar bull micro channel streak.<\/li>\n\n\n\n<li>The bears see the current move up simply as a continuation of the move which started in October 2022.<\/li>\n\n\n\n<li>They want a reversal down from a higher high major trend reversal. If the Emini trades higher, they want a reversal lower from a double top with February 2 high.<\/li>\n\n\n\n<li>Because of the strong move-up, the bears will need a strong reversal bar or a micro double top before they would be willing to sell more aggressively.<\/li>\n\n\n\n<li>While some traders may view December high as a major lower high, the bears want a break above the August high to be sure of the end of the bear trend.<\/li>\n\n\n\n<li>The Emini consecutive dojis indicate the bears are not yet as strong as they would like to be.<\/li>\n\n\n\n<li>They need to create strong follow-through selling next week to increase the odds of a test of the 20-week exponential moving average.<\/li>\n\n\n\n<li>The bulls got a larger second leg sideways to up from the rally which started in October 2022.<\/li>\n\n\n\n<li>They see the last 6 months as forming an inverted head and shoulders, with the December low being the right shoulder.<\/li>\n\n\n\n<li>However, inverted head and shoulders pattern often end up as bear flags instead of a reversal pattern.<\/li>\n\n\n\n<li>They want another strong leg up completing the wedge pattern with the first two legs being January 17 and February 2.<\/li>\n\n\n\n<li>By breaking above the December high, they hope the bear trend of successively lower highs and lower lows has ended.<\/li>\n\n\n\n<li>They need to break far above the December high and August high to signal the end of the selloff.&nbsp;<\/li>\n\n\n\n<li>The bulls had an 8-bar bull micro channel streak which was broken this week. There may be buyers below the first breakout below such a strong bull micro channel.<\/li>\n\n\n\n<li>However, if the bears continue to get consecutive bear bars, it could be the start of a deeper pullback.<\/li>\n\n\n\n<li>After the spike and broad channel down from January 2022, the Emini may have transitioned into a trading range phase between 4300 and 3500.<\/li>\n\n\n\n<li>The move up from October 2022 may simply be a bull leg within a trading range.<\/li>\n\n\n\n<li>Traders will see if the bears can get follow-through selling following this week&#8217;s breakout below the inside bar or will the bulls get a retest of the February 2 high within the next few weeks.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> S&amp;P 500 Emini chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Daily-Wedge-Pullback.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Daily-Wedge-Pullback-680x383.png\" alt=\"Emini Daily: Wedge Pullback\" class=\"wp-image-170943\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Daily-Wedge-Pullback-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Daily-Wedge-Pullback-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Daily-Wedge-Pullback-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Daily-Wedge-Pullback-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Daily-Wedge-Pullback.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini traded sideways to up from Monday to Wednesday. Friday&#8217;s candlestick gap below the 20-day exponential moving average but reversed to close as a bull reversal bar near its high.<\/li>\n\n\n\n<li>Last week, we said until the bears can create strong consecutive bear bars, odds slightly favor the Emini to still be in the sideways to up phase.<\/li>\n\n\n\n<li>The bears see the move up from October simply as a 2-legged swing up and want a reversal down from a higher high major trend reversal.<\/li>\n\n\n\n<li>So far, the pullback has 3 pushes therefore a wedge (Feb 6, Feb 10 and Feb 17).<\/li>\n\n\n\n<li>The pullback has a lot of overlapping price action. The bears are still not yet strong.<\/li>\n\n\n\n<li>If the Emini trades higher, the bears want a reversal down from a lower high major trend reversal or a double top with February 2 high.<\/li>\n\n\n\n<li>The bears see the selloff from January 2022 as a broad bear channel, even though the Emini has traded slightly above the December high.&nbsp;<\/li>\n\n\n\n<li>They need the Emini to trade far above the August high to believe the broad bear channel has ended.<\/li>\n\n\n\n<li>The bears need to create consecutive bear bars closing near their lows to convince traders that a deeper pullback is underway.<\/li>\n\n\n\n<li>The bulls got a larger second leg sideways to up from a double bottom bull flag (Nov 3 and Dec 22) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They then got a breakout above December high but did not get sustained follow-through buying.<\/li>\n\n\n\n<li>By trading above the December high, the bulls hope that the broad bear channel has ended, and the market has either transitioned into a trading range or a bull trend.<\/li>\n\n\n\n<li>The bulls hope that the recent moves were simply a pullback and want at least another leg higher to retest February 2 high.<\/li>\n\n\n\n<li>They hope that the 20-day exponential moving average will act as support.&nbsp;<\/li>\n\n\n\n<li>They need to break far above the December high and August high, to convince traders that the selloff from January has ended.<\/li>\n\n\n\n<li>Since Friday was a bull reversal bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>For now, until the bears can create strong consecutive bear bars, odds slightly favor the Emini to still be in the sideways to up phase.<\/li>\n\n\n\n<li>Monday is a trading holiday honoring George Washington\u2019s Birthday.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Trading room<\/h2>\n\n\n\n<p>Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\">trading room<\/a>. We offer a <a rel=\"noreferrer noopener\" href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\">2 day free trial<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: S&amp;P 500 Emini Futures The S&amp;P 500 Emini futures weekly chart formed a pair of Emini consecutive dojis. There are often buyers below the first pullback from a strong channel up like the tight 8-bar bull micro channel. The bulls hope to get at least a retest of February high. The bears need [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":170940,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[136,1843],"tags":[60],"class_list":{"0":"post-170762","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analysis","8":"category-sp500-emini","9":"tag-sp-emini","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Emini-Weekly-Consecutive-Bear-Doji-Bars.png","author_info":{"display_name":"Andrew","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/andrewa\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/170762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/2836"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=170762"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/170762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/170940"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=170762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=170762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=170762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}