{"id":174071,"date":"2023-03-24T06:20:00","date_gmt":"2023-03-24T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=174071"},"modified":"2023-03-24T23:00:24","modified_gmt":"2023-03-25T06:00:24","slug":"emini-may-go-sideways-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-may-go-sideways-2\/","title":{"rendered":"Emini May Go Sideways before Bears Get 2nd Leg Down"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday March 24, 2023<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P Emini pre-open market analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Emini daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Emini may go sideways today after market rallied yesterday for the first couple of hours and then sold off in a strong small, pullback bear trend for the rest of the day.<\/li>\n\n\n\n<li>On the daily chart, the bulls used yesterday morning\u2019s rally to sell out of longs at a higher price. The bears knew the odds favored a 2<sup>nd<\/sup> leg down after Wednesday\u2019s outside down bar, so they also sold.<\/li>\n\n\n\n<li>There were trapped buy the close bulls who bought the breakout on March 21<sup>st<\/sup>, and they used yesterday\u2019s rally to exit longs back at the March 21<sup>st<\/sup> bull close.<\/li>\n\n\n\n<li>While yesterday is a follow-through for the bears, it is more of a trading range bar, a reminder that the bear case is not as strong as it could be.<\/li>\n\n\n\n<li>The bears still expect a 2<sup>nd<\/sup> leg down from the March 22<sup>nd<\/sup> outside down bar.<\/li>\n\n\n\n<li>The bulls know that the bears will likely get at least a small 2<sup>nd<\/sup> leg down, and they do not mind it as long as the market forms some kind of higher low and least to an upside breakout above the March 22<sup>nd<\/sup> high.<\/li>\n\n\n\n<li>For the bulls to set up a reasonable buy, they will likely need some micro double bottom at a minimum to convince traders to buy.<\/li>\n\n\n\n<li>Overall, traders should expect the first reversal up to fail and lead to sideways trading and the bears to get a small 2<sup>nd<\/sup> leg down. However, the market may have to go sideways for a couple of days first before the bears can get their 2<sup>nd<\/sup> leg down.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini 5-minute chart and what to expect today<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Emini is down 22 points in the overnight Globex session.<\/li>\n\n\n\n<li>The overnight Globex session has been in a bear trend since the early morning hours.<\/li>\n\n\n\n<li>The bears want the market to have a follow-through today and close below the past two days.<\/li>\n\n\n\n<li>Today will gap down, which means traders should expect at least a small 2<sup>nd<\/sup> leg down on the open.<\/li>\n\n\n\n<li>However, traders should also expect to enter an early trading range and go sideways to the moving average.<\/li>\n\n\n\n<li>Most traders should wait for a swing trade to set up, that usually forms before the end of the 2<sup>nd<\/sup> hour. The swing trade usually begins after the formation of a double top\/bottom or a wedge top\/bottom.<\/li>\n\n\n\n<li>Today is Friday, so weekly support and resistance are essential. This means that traders should be prepared for a surprise breakout late in the day as the market decides on the close of the weekly chart.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yesterday&#8217;s Emini setups<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal-680x383.png\" alt=\"SP500 Emini 5-min Chart Bull Trend From Open Endless Pullback into Bull Trend Reversal\" class=\"wp-image-174400\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<p class=\"caption\">Here are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry with a red rectangle. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a near 4-year library of more detailed explanations of swing trade setups (see Online Course\/BTC Daily Setups). Encyclopedia members get current daily charts added to Encyclopedia.<\/p>\n\n\n\n<p class=\"caption\">My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or nearly Always In a position all day, and he was not currently in the market, these entries would be logical times for him to enter. These therefore are swing entries.<\/p>\n\n\n\n<p class=\"caption\">It is important to understand that most swing setups do not lead to swing trades. As soon as traders are disappointed, many exit. Those who exit prefer to get out with a small profit (scalp), but often have to exit with a small loss.<\/p>\n\n\n\n<p class=\"caption\">If the risk is too big for your account, you should wait for trades with less risk or trade an alternative market like the Micro Emini.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">EURUSD Forex market trading strategies<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">EURUSD Forex daily chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Profit-Taking-At-February-2nd-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Profit-Taking-At-February-2nd-Low-680x383.jpg\" alt=\"EURUSD Daily: Profit Taking At February 2nd Low\" class=\"wp-image-174310\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Profit-Taking-At-February-2nd-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Profit-Taking-At-February-2nd-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Profit-Taking-At-February-2nd-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Profit-Taking-At-February-2nd-Low.jpg 1440w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD sold off after testing the February 2<sup>nd<\/sup> low. February 2<sup>nd<\/sup> was a stop entry sell, and bulls got trapped buying the bear&#8217;s low. This meant that both bulls and bears would likely be selling and retest of the February 2<sup>nd<\/sup> low.<\/li>\n\n\n\n<li>Today is the entry bar for yesterday\u2019s stop entry short. The size of today is a little bit of a surprise, which will increase the odds of a small 2<sup>nd<\/sup> leg down. However, the problem the bears have is that the bulls have a 6-bar bull micro channel. This will probably limit the downside.<\/li>\n\n\n\n<li>Overall, traders will pay close attention to today to see if it will close on or near its low.&nbsp; If it does close on its low, that will increase the odds of sellers above for a small 2<sup>nd<\/sup> leg down. If today has a big tail, that will lower the probability of the bears getting a 2<sup>nd<\/sup> leg down.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini futures price action<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Higher-Low-Double-Bottom-then-Spike-and-Channel-Bull-Trend-Day.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Higher-Low-Double-Bottom-then-Spike-and-Channel-Bull-Trend-Day-680x383.png\" alt=\"SP500 Emini 5-min Chart Bull Trend From Open and Endless Pullback into Bear Trend Reversal\" class=\"wp-image-174385\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Higher-Low-Double-Bottom-then-Spike-and-Channel-Bull-Trend-Day-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Higher-Low-Double-Bottom-then-Spike-and-Channel-Bull-Trend-Day-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Higher-Low-Double-Bottom-then-Spike-and-Channel-Bull-Trend-Day-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Higher-Low-Double-Bottom-then-Spike-and-Channel-Bull-Trend-Day-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Higher-Low-Double-Bottom-then-Spike-and-Channel-Bull-Trend-Day.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">End of day review<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Live stream video trial replacement of end of day review coming soon.<\/li>\n<\/ul>\n\n\n\n<p><em>See the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">weekly update<\/a> for a discussion of the price action on the weekly chart and for what to expect going into next week.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\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 href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a> days. We offer a <a href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\" rel=\"noreferrer noopener\">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\">Charts use Pacific Time<\/h3>\n\n\n\n<p>When times are mentioned, it is USA Pacific Time. The Emini day session charts begin at 6:30 am PT and end at 1:15 pm PT which is 15 minutes after the NYSE closes. You can read background information on the market reports on the <a href=\"https:\/\/www.brookstradingcourse.com\/blog\/market-update\/\" target=\"_blank\" rel=\"noreferrer noopener\">Market Update<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Trading Update: Friday March 24, 2023 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Yesterday&#8217;s Emini setups Al created the SP500 Emini charts. Here are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry with a [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":174400,"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":[153,136],"tags":[281,60],"class_list":{"0":"post-174071","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-eurusd-forex","10":"tag-sp-emini","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Bull-Trend-From-Open-Endless-Pullback-into-Bull-Trend-Reversal.png","author_info":{"display_name":"Brad","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/brad-wolff\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/174071","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\/5460"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=174071"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/174071\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/174400"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=174071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=174071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=174071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}