{"id":195775,"date":"2023-12-12T06:25:47","date_gmt":"2023-12-12T14:25:47","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=195775"},"modified":"2023-12-12T21:38:54","modified_gmt":"2023-12-13T05:38:54","slug":"emini-bulls-want-second-leg-up-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-bulls-want-second-leg-up-2\/","title":{"rendered":"Emini Bulls Want Second Leg Up"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Tuesday December 12, 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 rallied yesterday, creating follow-through buying after last Friday\u2019s upside breakout. The Bulls are hopeful that they will get at least a small second leg up.<\/li>\n\n\n\n<li>The bulls are hopeful that yesterday\u2019s follow-through is strong enough to increase the odds of a second leg up.<\/li>\n\n\n\n<li>The bears will see the past two trading days as an exhaustive buy climax. The bears will try to create a strong bear reversal bar.<\/li>\n\n\n\n<li>The market is still Always In Long and the odds favor higher prices. However, as I have been saying for some time, the market is far from the moving average. This increases the odds of the market testing down to the moving average soon.<\/li>\n\n\n\n<li>The market is dragging the moving average up to the current price level. This means that the market can reach the moving average by going sideways.<\/li>\n\n\n\n<li>It is possible that the Emini will reach the July high before testing the moving average.<\/li>\n\n\n\n<li>Traders will pay close attention to today, to see if the bears can form a strong bear reversal bar, following bulls the bar bull breakout. Because the market is in a tight bull channel, the bears the bears can hope for is sideways until they form more selling pressure.<\/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 bears formed a downside breakout during the 8:30 AM PT report.&nbsp;<\/li>\n\n\n\n<li>The bears are hopeful that this will be the start of a bear trend day, which would disappoint the bulls on the daily chart.<\/li>\n\n\n\n<li>Traders should anticipate the market having a lot of trading range price action on the open. Most traders should consider not trading during the first 6-12 bars unless they are comfortable using wide stops and trading with limit orders.<\/li>\n\n\n\n<li>It is common for breakouts to fail on the open and reverse. This makes it easy to take a big loss on the open, making it challenging to recover before the end of the day.<\/li>\n\n\n\n<li>There is an 80% chance of a trading range open and only a 20% chance of a trend from the open. This means that 80% of the time, there is no rush to enter the market on the open.<\/li>\n\n\n\n<li>Traders should try to catch the opening swing that often begins before the end of the second hour, after the formation of a double top\/bottom or a wedge top\/bottom.<\/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 EURUSD bounced today after yesterday formed an inside bar.<\/li>\n\n\n\n<li>While the channel down is tight, it I becoming climactic, which will increase the odds of a pullback (which is happening now).<\/li>\n\n\n\n<li>It is important to realize that the selloff down to the December low is strong and therefore the odds favor a second leg down. This means that the market will probably form a lower high below the November high.<\/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\/12\/SP500-Emini-5-Min-Chart-HL-Double-Bottom-Then-Small-Pullback-Bull-Trend.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-HL-Double-Bottom-Then-Small-Pullback-Bull-Trend-680x383.jpg\" alt=\"SP500 Emini 5 Min Chart HL Double Bottom Then Small Pullback Bull Trend\" class=\"wp-image-195804\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-HL-Double-Bottom-Then-Small-Pullback-Bull-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-HL-Double-Bottom-Then-Small-Pullback-Bull-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-HL-Double-Bottom-Then-Small-Pullback-Bull-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-HL-Double-Bottom-Then-Small-Pullback-Bull-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 reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. 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\">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\/12\/SP500-Emini-5-Min-Chart-Bear-Trap-and-Then-Small-Pullback-Bull-Trend.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Bear-Trap-and-Then-Small-Pullback-Bull-Trend-680x383.jpg\" alt=\"SP500 Emini 5 Min Chart Bear Trap and Then Small Pullback Bull Trend\" class=\"wp-image-195841\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Bear-Trap-and-Then-Small-Pullback-Bull-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Bear-Trap-and-Then-Small-Pullback-Bull-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Bear-Trap-and-Then-Small-Pullback-Bull-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Bear-Trap-and-Then-Small-Pullback-Bull-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<h3 class=\"wp-block-heading\">End of day video review<\/h3>\n\n\n\n<p>End Of Day Review will be presented in the Trading Room today. See below for details on how to sign up.<\/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: Tuesday December 12, 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 Yesterday&#8217;s Emini setups Al created the SP500 Emini charts. Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":195804,"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":[281,60,1877],"class_list":{"0":"post-195775","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-second-leg","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-HL-Double-Bottom-Then-Small-Pullback-Bull-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\/195775","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=195775"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/195775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/195804"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=195775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=195775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=195775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}