{"id":178940,"date":"2023-05-25T06:20:00","date_gmt":"2023-05-25T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=178940"},"modified":"2023-05-25T22:49:21","modified_gmt":"2023-05-26T05:49:21","slug":"emini-likely-bounce-for-day-or-two","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-likely-bounce-for-day-or-two\/","title":{"rendered":"Emini Likely Bounce for a Day or Two"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Thursday May 25, 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>The Emini gapped down yesterday and reversed up after testing the May 16<sup>th<\/sup> low and the apex of the month-long triangle.<\/li>\n\n\n\n<li>Emini likely bounce over the next day or two as traders take profits. However, the selloff was strong enough that a 2<sup>nd<\/sup> leg down is likely, even if there is a deep pullback first.<\/li>\n\n\n\n<li>The bulls who bought the close of May 17<sup>th<\/sup> or the low two bars later are disappointed and trapped. They will likely use any bounce to exit their losing trade with a smaller loss or break even if they scale in lower. &nbsp;<\/li>\n\n\n\n<li>The bears know the bulls are trapped. They will sell any rally expecting the bulls to exit longs.<\/li>\n\n\n\n<li>There are bears who sold the May 4<sup>th<\/sup> high and got trapped on the May 5<sup>th<\/sup> breakout. Those bears never could exit their losing trade back at the May 4<sup>th<\/sup> high. This means the market will probably reach the May 4<sup>th<\/sup> high and allow the trapped bears out of their trade.<\/li>\n\n\n\n<li>Overall, the bears expect a 2<sup>nd<\/sup> leg down after the recent four-bar selloff from the May 19<sup>th<\/sup> high. The bears will try to break below the May 4<sup>th<\/sup> low and reach the 4,000 considerable round number. However, if they are going to reach 4,000 they need to show more signs of strength.<\/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 up 30 points in the overnight Globex session.<\/li>\n\n\n\n<li>The Globex went sideways for most of the overnight until rallying late in session.<\/li>\n\n\n\n<li>On the 60-minute Globex chart, the bulls have broken above the bear trendline (May 23<sup>rd<\/sup> \u2013 May 24<sup>th<\/sup>). Next, the bulls want to form a major trend reversal. However, they will probably need to test the low of the Globex session 4,1355.5 before they have a credible high-low major trend reversal.<\/li>\n\n\n\n<li>The bears want a large double-top bear flag and trend resumption down.<\/li>\n\n\n\n<li>Traders should assume the U.S. Session will have a lot of trading range trading.<\/li>\n\n\n\n<li>As I often say, most traders should wait for 6-12 bars before placing a trade unless they are comfortable with limit order trading.<\/li>\n\n\n\n<li>Most traders should focus on catching the opening swing that often begins before the end of the second hour.<\/li>\n\n\n\n<li>The opening swing often occurs after the formation of a double top\/bottom or a wedge top\/bottom. This allows a trader to enter on a strop entry and allows a trader great risk\/reward on a reasonable swing trade.<\/li>\n\n\n\n<li>The most important thing to remember is to be open to anything happening and never deny what is happening on the chart.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini intraday market update<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini sold off on the first two bear bars making the odds favor a trading range or a bear trend day.<\/li>\n\n\n\n<li>The bulls were able to disappoint the bears and create decent buying pressure, which increased the odds of the market going sideways.<\/li>\n\n\n\n<li>Because of the trading range price action over the first 40 bars, traders should assume the day will remain in a trading range.<\/li>\n\n\n\n<li>The market has not broken out of the 18-bar range. This means the odds favor a breakout of the bar 1 high or 11 low.<\/li>\n\n\n\n<li>Traders should assume that every breakout above and below the range will fail; until there is a clear breakout, there is no breakout.<\/li>\n\n\n\n<li>The market may be forming a triangle, and we could get a late breakout of the 18 bar range, similar to what happened on May 22<sup>nd<\/sup>.<\/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\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up-680x383.png\" alt=\"SP500 Emini 5-Min Bear Trend Trading Range Late Reversal Up. Emini likely bounce going forward,\" class=\"wp-image-179116\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<p class=\"caption wp-block-paragraph\">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 wp-block-paragraph\">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 wp-block-paragraph\">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 wp-block-paragraph\">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\/05\/EURUSD-Daily-Likely-Support-at-March-24th-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Likely-Support-at-March-24th-Low-680x383.jpg\" alt=\"EURUSD Daily: Likely Support at March 24th Low\" class=\"wp-image-179149\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Likely-Support-at-March-24th-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Likely-Support-at-March-24th-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Likely-Support-at-March-24th-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Likely-Support-at-March-24th-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 is getting near the March 24<sup>th<\/sup> low and will likely find support near it.<\/li>\n\n\n\n<li>The channel down is tight, which increases the risk of any reversal being minor.<\/li>\n\n\n\n<li>The selloff from the May 4<sup>th<\/sup> high is a breakout on a higher time frame. This means the selloff can go much further than what seems likely.<\/li>\n\n\n\n<li>While the market will probably bounce at the March 24<sup>th<\/sup> low, traders must be open to the idea of the selloff reaching the March 15<sup>th<\/sup> low and possibly breaking below.<\/li>\n\n\n\n<li>More likely, the market will bounce before the March 15<sup>th<\/sup> low.<\/li>\n\n\n\n<li>The bulls need to develop more buying pressure to stop the bear selloff. They will likely need a double bottom with a decent trendline break of the May 4<sup>th<\/sup> selloff before they have a credible swing buy. &nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini price action<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Triangle-Open-Bull-Channel-but-Close-near-Open.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Triangle-Open-Bull-Channel-but-Close-near-Open-680x383.png\" alt=\"SP500 Emini 5-Min Triangle Open Bull Channel but Close near Open\" class=\"wp-image-179193\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Triangle-Open-Bull-Channel-but-Close-near-Open-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Triangle-Open-Bull-Channel-but-Close-near-Open-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Triangle-Open-Bull-Channel-but-Close-near-Open-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Triangle-Open-Bull-Channel-but-Close-near-Open-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Triangle-Open-Bull-Channel-but-Close-near-Open.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">End of day video review<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Live stream video review with Brad Wolff. Here is YouTube link:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/live\/vxydrkW2W1I?feature=share&amp;t=52\" target=\"_blank\" rel=\"noreferrer noopener\">Emini End of Day Video Review for Thursday May 25, 2023<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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: Thursday May 25, 2023 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Emini intraday market update 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 [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":179116,"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":[281,1347,60],"class_list":["post-178940","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-update","category-analysis","tag-eurusd-forex","tag-pullback","tag-sp-emini","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/SP500-Emini-5-Min-Bear-Trend-Trading-Range-Late-Reversal-Up.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\/178940","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=178940"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/178940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/179116"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=178940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=178940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=178940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}