{"id":189739,"date":"2023-09-21T06:20:00","date_gmt":"2023-09-21T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=189739"},"modified":"2023-09-21T21:45:43","modified_gmt":"2023-09-22T04:45:43","slug":"emini-test-of-4400","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-test-of-4400\/","title":{"rendered":"Emini Bears Want Test of 4,400"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Thursday September 21, 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 triggered the buy above Tuesday\u2019s weak buy signal bar and reversed down sharply.<\/li>\n\n\n\n<li>Yesterday\u2019s outside down bar is enough for traders to conclude that the market will probably test closer to the August low and the 4,400 Big Round Number.<\/li>\n\n\n\n<li>The bears want yesterday\u2019s outside down bar to lead to a trap, enticing bears to sell low in a trading range. More likely, yesterday\u2019s outside down bar is strong enough to lead to at least a small second leg down.<\/li>\n\n\n\n<li>Yesterday\u2019s breakout is large and climactic. This will increase the odds that the market will have bad follow-through lasting 1-3 bars, followed by a second leg down.<\/li>\n\n\n\n<li>Overall, traders will pay close attention to what kind of follow-through selling the bears will get today. Since the market is in a trading range on the daily chart, traders expect tomorrow to have a disappointing follow-through.<\/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>The Globex market has continued to go lower during the overnight hours.<\/li>\n\n\n\n<li>The bears want the open of the U.S. session to gap down and form another bear trend day.<\/li>\n\n\n\n<li>The bulls want the opposite and for today to have weak follow-through.<\/li>\n\n\n\n<li>Yesterday\u2019s selloff late in the day was climactic, which means there is a 75% chance of 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 on the open and a 75% chance of sideways trading beginning before the end of the second hour.<\/li>\n\n\n\n<li>There is only a 25% chance of another strong bear trend day.<\/li>\n\n\n\n<li>Traders should pay attention to the day&#8217;s open and yesterday\u2019s low, as both will probably be magnets today.<\/li>\n\n\n\n<li>Traders should consider not trading the first 6-12 bars unless they are comfortable with limit order trading.<\/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\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Then-FOMC-and-Bear-Trend.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Then-FOMC-and-Bear-Trend-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Trading Range Then FOMC and Bear Trend\" class=\"wp-image-190420\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Then-FOMC-and-Bear-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Then-FOMC-and-Bear-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Then-FOMC-and-Bear-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Then-FOMC-and-Bear-Trend.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\/09\/EURUSD-Daily-Bear-Breakout-Below-May-31st-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Bear-Breakout-Below-May-31st-680x383.jpg\" alt=\"EURUSD Daily: Bear Breakout Below May 31st \" class=\"wp-image-190416\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Bear-Breakout-Below-May-31st-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Bear-Breakout-Below-May-31st-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Bear-Breakout-Below-May-31st-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Bear-Breakout-Below-May-31st-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Bear-Breakout-Below-May-31st-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 formed a Low 1 short on September 19<sup>th<\/sup>. The context was bad for the bears, and the odds favored buyers below for at least a scalp.<\/li>\n\n\n\n<li>The bulls and bears both sold above the September 19<sup>th<\/sup> high, and yesterday\u2019s selloff went outside down.<\/li>\n\n\n\n<li>Because the bears have a tight bear channel on the daily chart, it is reasonable for bulls to sell out of longs below the September 20<sup>th<\/sup> low.<\/li>\n\n\n\n<li>The swing traders would consider selling below the September 20<sup>th<\/sup> low, hoping for a surprise breakout below the May 31<sup>st<\/sup> low.<\/li>\n\n\n\n<li>Traders will pay close attention to see what kind of follow-through selling the bears will bet below the September 20<sup>th<\/sup> low.<\/li>\n\n\n\n<li>If traders detect hesitation by the bulls, more traders will begin to buy, leading to a reversal.<\/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\/09\/SP500-Emini-5-Minute-Chart-Sell-The-Close-Bear-Trend-From-The-Open.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Sell-The-Close-Bear-Trend-From-The-Open-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Sell The Close Bear Trend From The Open\" class=\"wp-image-190690\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Sell-The-Close-Bear-Trend-From-The-Open-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Sell-The-Close-Bear-Trend-From-The-Open-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Sell-The-Close-Bear-Trend-From-The-Open-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Sell-The-Close-Bear-Trend-From-The-Open.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>Live stream videos to follow Monday, Wednesday and Friday (subject to change).<\/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: Thursday September 21, 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":190420,"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":[281,60,1381],"class_list":{"0":"post-189739","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-testing-support","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Then-FOMC-and-Bear-Trend.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\/189739","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=189739"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/189739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/190420"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=189739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=189739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=189739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}