{"id":186055,"date":"2023-08-18T06:21:06","date_gmt":"2023-08-18T13:21:06","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=186055"},"modified":"2023-08-18T21:57:16","modified_gmt":"2023-08-19T04:57:16","slug":"bears-want-test-of-february-2nd-high","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/bears-want-test-of-february-2nd-high\/","title":{"rendered":"Emini Bears Want Test of February 2nd High"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday August 18, 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 Bears want a measured move of the bull flag from the July 27<sup>th<\/sup> high to the August 11<sup>th<\/sup> low, projecting down to the 4,285-price level as well as the February 2<sup>nd<\/sup> high.<\/li>\n\n\n\n<li>The Bears formed a two-bar breakout below a bull flag on August 16<sup>th<\/sup>. The bear breakout below the bull flag is strong enough for a small second leg down.<\/li>\n\n\n\n<li>The selloff over the past three days is strong enough for the first reversal to be minor and lead to a pullback instead of a reversal.<\/li>\n\n\n\n<li>The bulls are hopeful that the selloff will lead to a sell vacuum test of support, such as the June 26<sup>th<\/sup> low. While this is possible, the selloff has strong momentum behind it. This increases the odds of a second leg down and lower prices.<\/li>\n\n\n\n<li>The bears want to test the February 2<sup>nd<\/sup> high, which is almost the same price level as the measured move projection mentioned above. This increases the probability that the market will have to get there.<\/li>\n\n\n\n<li>Overall, the odds favor a second leg down and lower prices. The bulls will need to form at least a micro double bottom before they have a chance at reversing the selloff. Even if they can get a double bottom, the odds favor a pullback, not a reversal.<\/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 24 points in the overnight Globex session.<\/li>\n\n\n\n<li>The overnight Globex market formed a second leg down after yesterday\u2019s late selloff.<\/li>\n\n\n\n<li>Yesterday formed consecutive sell climaxes late in the day. There is a 75% chance of at least two hours of sideways trading beginning before the end of the second hour.<\/li>\n\n\n\n<li>There is a 50% chance of follow-through selling, followed by two hours of sideways trading beginning before the end of the second hour.<\/li>\n\n\n\n<li>There is only a 25% chance of a strong trend day.<\/li>\n\n\n\n<li>Traders should assume that the open will have a lot of trading range price action. This means that most traders should consider not trading for the first 6-12 bars unless they are comfortable with limit order trading.<\/li>\n\n\n\n<li>Today is Friday, so weekly support and resistance is important. The bears have a strong follow-through bear breakout on the weekly chart. They want this week to close on its low, and the bulls want to create a tail below the bar.<\/li>\n\n\n\n<li>Since today is Friday, traders should be prepared for a surprise breakout late in the day as traders decide 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\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-Trading-Range-Resumption-Down-.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-Trading-Range-Resumption-Down--680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bear Trend Trading Range Resumption Down\" class=\"wp-image-187204\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-Trading-Range-Resumption-Down--680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-Trading-Range-Resumption-Down--300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-Trading-Range-Resumption-Down--768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-Trading-Range-Resumption-Down-.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 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\/08\/EURUSD-Daily-Bears-Trying-to-Reach-July-6th-Low-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Trying-to-Reach-July-6th-Low-680x383.jpg\" alt=\"EURUSD Daily: Bears Trying To Reach July 6th Low\" class=\"wp-image-187299\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Trying-to-Reach-July-6th-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Trying-to-Reach-July-6th-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Trying-to-Reach-July-6th-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Trying-to-Reach-July-6th-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Trying-to-Reach-July-6th-Low-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD is near the July 6<sup>th<\/sup> low and will probably fall below it soon.<\/li>\n\n\n\n<li>The daily chart is already in a trading range, which will increase the odds of buyers below the July 6th low if the market falls below it.<\/li>\n\n\n\n<li>As strong as the recent two-month selloff has been, it is beginning to form overlapping bars. This is a warning that the market will likely soon transition into a trading range and start to go sideways soon.<\/li>\n\n\n\n<li>The bulls need t to develop more buying pressure if they are going to take control. At a minimum, they need to form a micro double bottom or a reversal with 2-3 consecutive strong bull bars. Even if the bulls can get 2-3 consecutive bull bars, the odds are any reversal up will be minor.<\/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\/08\/SP500-Emini-5-Minute-Chart-Triangle-Then-Bull-Channel.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Triangle-Then-Bull-Channel-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Triangle Then Bull Channel\" class=\"wp-image-187365\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Triangle-Then-Bull-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Triangle-Then-Bull-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Triangle-Then-Bull-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Triangle-Then-Bull-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<p>Today\u2019s End Of Day review will be presented in the Trading Room and only available to the trading room subscribers.<\/p>\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 August 18, 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":187204,"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":[281,60,140],"class_list":{"0":"post-186055","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":"tag-support-and-resistance","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-Trading-Range-Resumption-Down-.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\/186055","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=186055"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/186055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/187204"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=186055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=186055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=186055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}