{"id":175353,"date":"2023-04-09T01:30:00","date_gmt":"2023-04-09T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=175353"},"modified":"2023-04-08T23:53:14","modified_gmt":"2023-04-09T06:53:14","slug":"emini-follow-through-bar","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-follow-through-bar\/","title":{"rendered":"Emini Follow-through Bar above 20-Week EMA"},"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 formed a weak follow-through bar after closing above the 20-week exponential moving average. While the move up since March 13 low is in a tight bull channel, it could simply be a bull leg within a trading range until there is a strong breakout above February high with follow-through buying. <\/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\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg-680x383.png\" alt=\"Emini Weekly: Follow-through bar, Lower High MTR, Bull Leg\" class=\"wp-image-175551\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg.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>was almost a perfect small doji bar.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor the Emini to trade at least a little higher.&nbsp;<\/li>\n\n\n\n<li>The Emini traded slightly higher but closed below last week\u2019s high.<\/li>\n\n\n\n<li>While weak, it was a follow-through bar following last week\u2019s close above the 20-week exponential moving average.<\/li>\n\n\n\n<li>The bulls got a reversal up from a double bottom bull flag with the December low (Dec 22 and Mar 13).<\/li>\n\n\n\n<li>By breaking above the December high (in February), they hope the bear trend of successively lower highs and lower lows has ended.<\/li>\n\n\n\n<li>More likely, they will need to break far above the December and August highs to signal the end of the selloff.&nbsp;<\/li>\n\n\n\n<li>The bulls want another strong leg up completing the wedge pattern with the first two legs being December 13 and February 2. The third leg up is currently underway.<\/li>\n\n\n\n<li>At the very least they want a retest of February high.<\/li>\n\n\n\n<li>The bears got a reversal down from a higher high major trend reversal in February.<\/li>\n\n\n\n<li>They then got a second leg sideways to down from a lower high major trend reversal (Mar 6).<\/li>\n\n\n\n<li>However, they were not able to create follow-through selling in March.<\/li>\n\n\n\n<li>The bears hope that the current pullback is simply a buy vacuum retest of the February high. They 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>Because of the strong move-up, the bears will need a strong sell signal bar or a micro double top before they would be willing to sell more aggressively.<\/li>\n\n\n\n<li>The Emini is in a smaller 24-week trading range around 3750 and 4200. Traders will BLSH (Buy Low, Sell High) within a trading range.<\/li>\n\n\n\n<li>As strong as the current move up is, it could simply be a bull leg within a trading range until there is a strong breakout above the February high with follow-through buying\/selling.<\/li>\n\n\n\n<li>For now, odds slightly favor the Emini to still be in the bull leg phase.&nbsp;<\/li>\n\n\n\n<li>Traders will see if the bulls can continue to create bull bars to test the February high or will the Emini trade higher, but the bears get a decent sell signal bar 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\/04\/Emini-Daily-Tight-Bull-Channel-Larger-Wedge.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Daily-Tight-Bull-Channel-Larger-Wedge-680x383.png\" alt=\"Emini Daily: Tight Bull Channel, Larger Wedge\" class=\"wp-image-175554\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Daily-Tight-Bull-Channel-Larger-Wedge-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Daily-Tight-Bull-Channel-Larger-Wedge-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Daily-Tight-Bull-Channel-Larger-Wedge-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Daily-Tight-Bull-Channel-Larger-Wedge-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Daily-Tight-Bull-Channel-Larger-Wedge.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 for the week.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/emini-bull-reversal-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously, we said that odds slightly favor the Emini<\/a> to trade higher and traders will see if the bulls can get sustained follow-through buying, or will the market trade slightly higher but reverse down from a double top bear flag (Mar 6).<\/li>\n\n\n\n<li>So far, the Emini has traded above March 6 high with some follow-through buying.<\/li>\n\n\n\n<li>The bulls got a breakout above the December high (in February) 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 bear trend has ended, and the market has either transitioned into a trading range or a bull trend.<\/li>\n\n\n\n<li>More likely, the bulls will need to break far above the December and August highs, to convince traders that the bear trend from January 2022 has ended.<\/li>\n\n\n\n<li>Recently, the bulls got a reversal up from a double bottom bull flag (Dec 22 and Mar 13).<\/li>\n\n\n\n<li>The current leg up from March 13 low is in a tight bull channel, which means persistent bulls.<\/li>\n\n\n\n<li>They want a retest of the February high followed by a breakout and another big leg up, completing the wedge pattern with the first two legs being December 1 and February 2. It is currently underway.<\/li>\n\n\n\n<li>The bears see the move up from October 2022 simply as forming a larger double top bear flag (Aug 16 and Feb 2) within a broad bear channel.<\/li>\n\n\n\n<li>They determined that the August high is the last major lower high, therefore, believe that the Emini is still in a bear trend.<\/li>\n\n\n\n<li>They want a retest of the October low from a lower high major trend reversal or a double top (Feb 2).<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that the buying pressure since March 13 low is stronger with bull bars closing near their highs and bear bars having little follow-through.<\/li>\n\n\n\n<li>They need to create consecutive bear bars closing near their lows to increase the odds of lower prices.<\/li>\n\n\n\n<li>For now, odds slightly favor the Emini to trade at least a little higher, possibly retesting February high.<\/li>\n\n\n\n<li>The Emini is in a smaller 24-week trading range around 3750 and 4200 within a larger trading range.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with follow-through buying\/selling.<\/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 formed a weak follow-through bar after closing above the 20-week exponential moving average. While the move up since March 13 low is in a tight bull channel, it could simply be a bull leg within a trading range until there is a strong breakout [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":175551,"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":[1883,60],"class_list":{"0":"post-175353","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analysis","8":"category-sp500-emini","9":"tag-bull-follow-through","10":"tag-sp-emini","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Lower-High-MTR-Bull-Leg.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\/175353","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=175353"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/175353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/175551"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=175353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=175353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=175353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}