{"id":180439,"date":"2023-06-11T01:30:00","date_gmt":"2023-06-11T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=180439"},"modified":"2023-06-11T02:29:40","modified_gmt":"2023-06-11T09:29:40","slug":"emini-buying-follow-through","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-buying-follow-through\/","title":{"rendered":"Emini Buying Follow-Through"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: S&amp;P 500 Emini Futures<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>S&amp;P 500 Emini<\/strong> futures weekly candlestick was a bull doji therefore the bulls got buying follow-through following last week&#8217;s breakout above the February 2 high. The bull&#8217;s next target is the August high. The bears want a failed breakout above the February 2 high and a reversal down from a wedge pattern (Dec 13, Feb 2, and Jun 9) and a double top with the August high.<\/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\/06\/Emini-Weekly-FT-Following-BO-Above-February-High.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Weekly-FT-Following-BO-Above-February-High-680x383.png\" alt=\"Emini Weekly: Buying Follow-Through Following BO Above February High\" class=\"wp-image-180635\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Weekly-FT-Following-BO-Above-February-High-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Weekly-FT-Following-BO-Above-February-High-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Weekly-FT-Following-BO-Above-February-High-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Weekly-FT-Following-BO-Above-February-High-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Weekly-FT-Following-BO-Above-February-High.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&nbsp;<\/a>was a bull doji closing slightly above the middle of the week\u2019s range and above last week\u2019s high.<\/li>\n\n\n\n<li>Last week, we said that odds continue to favor the market to still be in the sideways to up phase until the bears can create credible selling pressure.<\/li>\n\n\n\n<li>The bulls got buying follow-through bar (albeit weaker) following last week\u2019s breakout above the February 2 high.<\/li>\n\n\n\n<li>They 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>They got a breakout from the 6-week tight trading range which turned into a bull flag.<\/li>\n\n\n\n<li>They want a breakout far above February 2 high followed by a measured move using the height of the 6-month trading range which will take them to the March 2022 high area.<\/li>\n\n\n\n<li>The next target for the bulls is the August 2022 high.<\/li>\n\n\n\n<li>The bears want a reversal down from a wedge pattern (Dec 13, Feb 2, and Jun 9) and a double top with the August high.<\/li>\n\n\n\n<li>They hope that the 6-week tight trading range is the final flag of the leg up and want a failed breakout above the February 2 high.<\/li>\n\n\n\n<li>If there is a failed breakout, it would usually occur within 5 bars after the breakout.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have not been able to create credible selling pressure since the March low.&nbsp;<\/li>\n\n\n\n<li>They will need to create strong bear bars with follow-through selling to convince traders that a deeper pullback could be underway.<\/li>\n\n\n\n<li>At the very least, 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>Since this week was a bull doji, it is a weaker buy signal bar for next week. It is not a strong sell signal bar.<\/li>\n\n\n\n<li>While the odds slightly favor the market to still be in the sideways to up phase, a minor pullback can begin at any moment.<\/li>\n\n\n\n<li>Traders will see if the bulls can continue creating consecutive bull bars or will the Emini stall around the current levels and begin the pullback phase.<\/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\/06\/Emini-Daily-Large-Wedge-Small-Final-Flag-Small-Wedge.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Daily-Large-Wedge-Small-Final-Flag-Small-Wedge-680x383.png\" alt=\"Emini Daily: Large Wedge, Small Final Flag, Small Wedge\" class=\"wp-image-180638\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Daily-Large-Wedge-Small-Final-Flag-Small-Wedge-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Daily-Large-Wedge-Small-Final-Flag-Small-Wedge-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Daily-Large-Wedge-Small-Final-Flag-Small-Wedge-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Daily-Large-Wedge-Small-Final-Flag-Small-Wedge-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Daily-Large-Wedge-Small-Final-Flag-Small-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 was trading sideways throughout most of the week but broke higher on Friday, closing as a doji bar.<\/li>\n\n\n\n<li>Previously, we said that the odds continue to slightly favor the market to still be in the sideways to up phase until the bears can create strong bear bars.<\/li>\n\n\n\n<li>The bulls got some follow-through buying following last week\u2019s break above the February 2 high.<\/li>\n\n\n\n<li>They want a measured move up using the height of the 6-month trading range which will take them near the March 2022 high.<\/li>\n\n\n\n<li>They will need to break far above the August high with follow-through buying to increase the odds of reaching the measured move target.<\/li>\n\n\n\n<li>The bears have not yet been able to create sustained follow-through selling.&nbsp;<\/li>\n\n\n\n<li>They see the move up from October 2022 simply as forming a large wedge (Dec 13, Feb 2, and Jun 9) within a broad bear channel.<\/li>\n\n\n\n<li>They hope that the tight trading range this week (Monday to Thursday) formed a smaller final flag in the current leg up.<\/li>\n\n\n\n<li>They see a smaller wedge (May 30, Jun 5, and Jun 9) forming too.<\/li>\n\n\n\n<li>If the Emini trades higher, they want the market to stall around the trend channel line.<\/li>\n\n\n\n<li>The bears will need to create strong bear bars with follow-through selling to increase the odds of a deeper pullback.<\/li>\n\n\n\n<li>Since Friday was a bear doji bar, it is a neutral signal bar for Monday.<\/li>\n\n\n\n<li>The breakout above the February 2 high so far has a lot of overlapping candlesticks. It\u2019s not as strong as the bulls hope it would be.<\/li>\n\n\n\n<li>Because of the lack of strong bear bars with follow-through selling, odds continue to slightly favor sideways to up.<\/li>\n\n\n\n<li>This can change if the bears manage to create strong consecutive bear bars closing near their lows (bear spike) next week.<\/li>\n\n\n\n<li>If there is a pullback, a reasonable target would be the breakout point (February 2 high) or the 20-day exponential moving average area.<\/li>\n\n\n\n<li>Traders will still expect at least a small leg to retest the current leg extreme high (Jun 9).<\/li>\n<\/ul>\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 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 class=\"wp-block-paragraph\">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 candlestick was a bull doji therefore the bulls got buying follow-through following last week&#8217;s breakout above the February 2 high. The bull&#8217;s next target is the August high. The bears want a failed breakout above the February 2 high and a reversal down [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":180635,"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":["post-180439","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-sp500-emini","tag-bull-follow-through","tag-sp-emini","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Emini-Weekly-FT-Following-BO-Above-February-High.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\/180439","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=180439"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/180439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/180635"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=180439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=180439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=180439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}