{"id":181710,"date":"2023-06-26T06:21:35","date_gmt":"2023-06-26T13:21:35","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=181710"},"modified":"2023-06-26T16:42:53","modified_gmt":"2023-06-26T23:42:53","slug":"emini-likely-to-bounce-after-test-of-june-14th-low","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-likely-to-bounce-after-test-of-june-14th-low\/","title":{"rendered":"Emini Likely to Rally after Test of June 14 Low"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Monday June 26, 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 is likely to rally for a couple of days following a test of the June 14th low. <\/li>\n\n\n\n<li>The Emini sold off in a tight bear channel last week. This increases the odds that the first reversal will lead to a minor reversal.<\/li>\n\n\n\n<li>The channel up that ended on June 16<sup>th<\/sup> was tight. This increases the odds that the selloff down to last Friday is a minor reversal for the bulls.<\/li>\n\n\n\n<li>Both of the above reasons increase the odds of sideways trading over the next couple of weeks.<\/li>\n\n\n\n<li>The June 15<sup>th<\/sup> breakout bar was a climactic breakout late in the rally that began in late May. This increased the odds of a deeper pullback than what the bulls wanted.<\/li>\n\n\n\n<li>The bulls who bought the June 15<sup>th<\/sup> bull breakout and lower will probably be able to make money. In general, if you take a reasonable buy like June 15<sup>th<\/sup>, at least a 60% chance one can exit back at the June 15<sup>th<\/sup> close, with a profit on their lower entries.<\/li>\n\n\n\n<li> There is an 80% chance those bulls who bought the June 15<sup>th<\/sup> close and lower will be able to exit breakeven on the entire trade.<\/li>\n\n\n\n<li>The bears want the market to form an endless pullback, leading to a downside breakout. However, this is unlikely. The market will likely have to form a Major Trend Reversal if the bears take control. This means the market will probably get a couple of legs up soon and a test of the June 15<sup>th<\/sup> high.<\/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 4 points in the overnight Globex session.<\/li>\n\n\n\n<li>The overnight Globex market sold off, forming a new low in the bear channel that has gone on for several days.<\/li>\n\n\n\n<li>Since the market has been in a bear channel for several days, the odds are that the market will transition into a trading range soon.<\/li>\n\n\n\n<li>This means that today has a reasonable chance of getting a bounce or a possible strong bull rally.<\/li>\n\n\n\n<li>Traders should be prepared for a possible rally on the open. The rally could happen in the first few bars. The rally could happen after a brief selloff. Lastly, the rally could happen after a trading range lasting several bars.<\/li>\n\n\n\n<li>As I often say, traders should consider not trading for the first 6-12 bars. This is because most of the time, the open has much sideways trading.<\/li>\n\n\n\n<li>Most traders should try and catch the opening swing that often begins before the end of the second hour. Because of the reasons mentioned above, traders should be prepared for a possible buy setup for a swing trade.<\/li>\n\n\n\n<li>Lastly, traders must be open to anything. Just because the odds favor a bounce lasting a couple of days does not mean that that exact opposite will not happen.<\/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 rallied on the open for the first 3 bars and went sideways until bar 12.<\/li>\n\n\n\n<li>The bears got a reversal down on bars 13 and 14, marking the market always in short.<\/li>\n\n\n\n<li>As of bar 45 (10:15 AM PT), the market has been in a broad bear channel. This channel is likely to evolve into a trading soon which means that the market will probably try and get a rally lasting a couple of legs.<\/li>\n\n\n\n<li>Going into the afternoon session, traders should be aware of the day\u2019s open as it will likely continue to be a magnet.<\/li>\n\n\n\n<li>Low probability that the market continues to channel down for the rest of the day.<\/li>\n\n\n\n<li>Bar 60-63 strong enough breakout for a possible measured move up of the bull bodies projecting around 4,394<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Friday&#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\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-1-680x383.jpg\" alt=\"SP500 Emini 5-Min Double Bottom Then Trading Range Day\" class=\"wp-image-181788\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-1-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-1-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-1-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-1.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><figcaption class=\"wp-element-caption\">Above is the version that I post every day. Because I often get questions about what charts Encyclopedia members see, today I am including the example below of that version.<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Encyclopedia-SP500-Emini-5-Min-DB-Then-Trading-Range-Day.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Encyclopedia-SP500-Emini-5-Min-DB-Then-Trading-Range-Day-680x383.jpg\" alt=\"Brooks Encyclopedia Double Bottom Then Trading Range Day\" class=\"wp-image-181974\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Encyclopedia-SP500-Emini-5-Min-DB-Then-Trading-Range-Day-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Encyclopedia-SP500-Emini-5-Min-DB-Then-Trading-Range-Day-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Encyclopedia-SP500-Emini-5-Min-DB-Then-Trading-Range-Day-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Encyclopedia-SP500-Emini-5-Min-DB-Then-Trading-Range-Day.jpg 1280w\" 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 Friday. 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\/06\/EURUSD-Daily-Sideways-Likely.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Sideways-Likely-680x383.jpg\" alt=\"EURUSD Daily: Sideways Likely \" class=\"wp-image-181986\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Sideways-Likely-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Sideways-Likely-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Sideways-Likely-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Sideways-Likely.jpg 1440w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD formed a big bear breakout within an overall trading range last Friday.<\/li>\n\n\n\n<li>This allowed bears who sold during the June 15<sup>th<\/sup> bull breakout to make money, a sign of trading range price action.<\/li>\n\n\n\n<li>Last Friday\u2019s selloff was large enough to increase the odds of a second leg down. However, the rally up to the June 22<sup>nd<\/sup> high is in a tight bull channel, which increases the odds of a trading range forming.<\/li>\n\n\n\n<li>Overall, traders should suspect sideways trading over the next few weeks as the bear tries for a second leg down and the bulls scale in lower, hoping for higher prices.<\/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\/06\/SP500-Emini-5-Min-Buy-Climax-and-Then-Bear-Spike-and-Channel.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Buy-Climax-and-Then-Bear-Spike-and-Channel-680x383.jpg\" alt=\"SP500 Emini 5-Min Buy Climax Then Bear Spike and Channel\" class=\"wp-image-182025\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Buy-Climax-and-Then-Bear-Spike-and-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Buy-Climax-and-Then-Bear-Spike-and-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Buy-Climax-and-Then-Bear-Spike-and-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Buy-Climax-and-Then-Bear-Spike-and-Channel.jpg 1280w\" 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 video review<\/h3>\n\n\n\n<div class=\"wp-block-stackable-video-popup stk-block-video-popup stk-block stk-77c56b5\" data-video=\"https:\/\/www.youtube.com\/watch?v=6a4t1Cn5BW4\" data-block-id=\"77c56b5\"><button class=\"stk-block-video-popup__overlay stk-row stk-inner-blocks stk-block-content stk-hover-parent\" aria-label=\"Play Video\">\n<div class=\"wp-block-stackable-icon stk-block-icon has-text-align-center stk-block stk-6420a44\" data-block-id=\"6420a44\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-6420a44\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-6420-a-44-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-6420-a-44-color-2)\"><\/stop><\/linearGradient><\/defs><\/svg><svg data-prefix=\"fas\" data-icon=\"play\" class=\"svg-inline--fa fa-play fa-w-14\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\" aria-hidden=\"true\" width=\"32\" height=\"32\"><path fill=\"currentColor\" d=\"M424.4 214.7L72.4 6.6C43.8-10.3 0 6.1 0 47.9V464c0 37.5 40.7 60.1 72.4 41.3l352-208c31.4-18.5 31.5-64.1 0-82.6z\"><\/path><\/svg><\/div><\/span><\/div>\n\n\n\n<div class=\"wp-block-stackable-image stk-block-image stk-block stk-ac75eb6\" data-block-id=\"ac75eb6\"><figure class=\"stk-img-wrapper stk-image--shape-stretch\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-179791\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png\" width=\"680\" height=\"382\" alt=\"Brad Wolff Emini EOD Review\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px-300x169.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/figure><\/div>\n<\/button><\/div>\n\n\n\n<p>Live stream video review with Brad Wolff. Here is YouTube link for those who cannot see video popup:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=6a4t1Cn5BW4\" target=\"_blank\" rel=\"noreferrer noopener\">Emini End of Day Video Review for Monday June 26, 2023<\/a><\/p>\n\n\n\n<p><em>See the <a href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">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: Monday June 26, 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 Friday&#8217;s Emini setups Al created the SP500 Emini charts. Here are several reasonable stop entry setups from Friday. I show each buy entry with a green rectangle and each [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":181788,"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-181710","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\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-1.jpg","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\/181710","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=181710"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/181710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/181788"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=181710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=181710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=181710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}