{"id":192166,"date":"2023-10-15T01:30:00","date_gmt":"2023-10-15T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=192166"},"modified":"2023-10-14T12:27:59","modified_gmt":"2023-10-14T19:27:59","slug":"weak-emini-follow-through","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/weak-emini-follow-through\/","title":{"rendered":"Weak Emini Follow-through Bull Bar"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: S&amp;P 500 Emini Futures<\/h2>\n\n\n\n<p>The market traded higher but closed with a long tail above forming a weak Emini follow-through bull bar. The bulls want the Emini to reverse back above the 20-week exponential moving average. The bears want another leg down to complete the wedge pattern with the first 2 legs being August 18 and October 3.<\/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\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag-680x383.jpg\" alt=\"Emini Weekly: DB Bull Flag or DT Bear Flag? Weak Emini Follow-through\" class=\"wp-image-192311\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag.jpg 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 bar closing in the lower half with a long tail above.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor the market to trade at least a little higher. Traders will see if the bulls can get a strong follow-through bull bar or will next week trade slightly higher, but close with a long tail above or a bear bar.<\/li>\n\n\n\n<li>This week tested the 20-week EMA but closed with a long tail above.&nbsp;<\/li>\n\n\n\n<li>The bulls got some follow-through buying albeit weaker.<\/li>\n\n\n\n<li>They want the Emini to reverse back above the 20-week exponential moving average.<\/li>\n\n\n\n<li>They hope to get a retest of the July 27 high from a double-bottom bull flag (Aug 18 and Oct 3).<\/li>\n\n\n\n<li>They see the move down simply as a 50% pullback (of the move which started in March) within a broad bull channel.<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal from a double bottom with October 3 or a wedge bull flag.<\/li>\n\n\n\n<li>The bears got a two-legged pullback testing the breakout point (Feb 2) and the bull trend line.<\/li>\n\n\n\n<li>They want a strong breakout below the bull trend line with follow-through selling.<\/li>\n\n\n\n<li>If there is a pullback (bounce), they want another leg down from a double top bear flag (Sept 1 and Oct 12) to complete the wedge pattern with the first 2 legs being August 18 and October 3.<\/li>\n\n\n\n<li>Since this week is a bull bar closing in the lower half with a long tail above, it is a buy signal bar albeit weaker.<\/li>\n\n\n\n<li>Odds slightly favor the market to still be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>Traders will see if the bulls can continue creating follow-through buying or will next week trade lower and retest Oct 3 low instead?<\/li>\n\n\n\n<li>While the market may still trade sideways to down for a couple more weeks, the market is likely still Always In Long (bull trend remains intact; higher highs, higher lows).<\/li>\n\n\n\n<li>The pullback to October 3 has also fulfilled the minimum requirement of TBTL (Ten Bars, Two Legs).<\/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\/10\/Emini-Daily-HL-MTR-or-3rd-Leg-Down.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-HL-MTR-or-3rd-Leg-Down-680x383.jpg\" alt=\"Emini Daily: HL MTR or 3rd Leg Down?\" class=\"wp-image-192314\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-HL-MTR-or-3rd-Leg-Down-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-HL-MTR-or-3rd-Leg-Down-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-HL-MTR-or-3rd-Leg-Down-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-HL-MTR-or-3rd-Leg-Down-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-HL-MTR-or-3rd-Leg-Down.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The market traded higher in the first half of the week and formed a small pullback on Thursday and Friday.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor the Emini to trade at least a little higher.<\/li>\n\n\n\n<li>The bears got a second leg sideways to down from a lower high major trend reversal and a double top bear flag (Sept 1 and Sept 14).&nbsp;<\/li>\n\n\n\n<li>They got a 50% pullback of the rally which started in March, testing the February 2 high which was the breakout point of the rally.<\/li>\n\n\n\n<li>They want another leg down from a double top bear flag (Sept 1 and Oct 10), completing the wedge pattern with the first two legs being August 18 and October 3.<\/li>\n\n\n\n<li>If the market trades higher, they want a smaller double top bear flag with October 12 and reverse down from around the bear trend line.<\/li>\n\n\n\n<li>The bulls want a reversal up from a double bottom bull flag (Aug 18 and Oct 3), a micro double bottom (Oct 3 and Oct 6) and a higher low major trend reversal (Oct 13).<\/li>\n\n\n\n<li>They hope to get a retest of the July 27 high and a strong breakout above.<\/li>\n\n\n\n<li>They see the large two-legged move down (Aug 18 and Oct 3) simply as a 50% pullback and a test of the breakout point (Feb 2) of the rally.<\/li>\n\n\n\n<li>They see Thursday and Friday simply as a small pullback and want at least another leg sideways to up next week, trading far above the 20-day EMA.<\/li>\n\n\n\n<li>The next targets for the bulls are the bear trend line and the September high.<\/li>\n\n\n\n<li>The last two bear bars had prominent tails below and a lot of overlapping ranges.<\/li>\n\n\n\n<li>Odds slightly favor at least a small second leg sideways to up next week.<\/li>\n\n\n\n<li>Traders will see if the bulls can create more bull bars closing near their highs or will next week trade slightly higher but stall around the October 12 high area.<\/li>\n\n\n\n<li>For now, while the market may still trade sideways to down for a few more weeks, the bull trend remains intact.<\/li>\n<\/ul>\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 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>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 market traded higher but closed with a long tail above forming a weak Emini follow-through bull bar. The bulls want the Emini to reverse back above the 20-week exponential moving average. The bears want another leg down to complete the wedge pattern with the first 2 legs being [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":192311,"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":[60],"class_list":{"0":"post-192166","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analysis","8":"category-sp500-emini","9":"tag-sp-emini","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-DB-Bull-Flag-or-DT-Bear-Flag.jpg","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\/192166","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=192166"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/192166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/192311"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=192166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=192166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=192166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}