{"id":195777,"date":"2023-12-13T06:22:26","date_gmt":"2023-12-13T14:22:26","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=195777"},"modified":"2023-12-15T03:57:15","modified_gmt":"2023-12-15T11:57:15","slug":"emini-bulls-want-test-of-july-high","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-bulls-want-test-of-july-high\/","title":{"rendered":"Emini Bulls Want Test of July High"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday December 13, 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 Bulls are getting an upside breakout on the daily chart. The target for the bulls is the July high which is 4,735.75.<\/li>\n\n\n\n<li>The market has been Always In Long since early November.&nbsp;<\/li>\n\n\n\n<li>Because the rally has momentum, the best the bears can hope for is a trading range and sideways trading.<\/li>\n\n\n\n<li>The rally has been away from the moving average for several bars, which is climactic. This will increase the odds of a pullback to the moving average soon.<\/li>\n\n\n\n<li>While the daily chart is in a small pullback bull trend, it is within a larger trading range. This means that if the bears can develop more selling pressure, the pullback could be much deeper than what the bulls would want.<\/li>\n\n\n\n<li>&nbsp;However, this would require the bear to get a strong breakout below the moving average, which is unlikely on the first reversal down to it.<\/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 up 8 points in the overnight Globex session.<\/li>\n\n\n\n<li>The&nbsp; Globex market has gone sideways for most of the overnight hours.<\/li>\n\n\n\n<li>The bulls are hopeful the sideways trading will lead to a final flag, and create a failed upside breakout.<\/li>\n\n\n\n<li>The U.S. Session will probably have a lot of trading range price action on the open. Most traders should consider waiting for 6 \u2013 12 bars, before placing a trade.<\/li>\n\n\n\n<li>That is because there is an 80% chance of a trading range open, and only a 20% chance of a trend from the open.<\/li>\n\n\n\n<li>Most traders should focus on catching the opening swing that often begins before the end of the second hour.<\/li>\n\n\n\n<li>It is common for the opening swing to begin after forming a double top\/bottom, or a wedge top\/bottom.<\/li>\n\n\n\n<li>The most important thing on the open, is to be patient and not in a rush. It is easy to be excited to trade and get trapped into taking a weaker setup. By waiting for at least 6 bars before trading, a trader will gain more clarity on the day structure, increasing their probability of making money.<\/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 market went sideways for the first 8 bars of the day and rallied after testing the moving average.<\/li>\n\n\n\n<li>The Emini has been in a tight bull channel on the 5-minute chart since yesterday.<\/li>\n\n\n\n<li>Eventually, one of these selloffs will fall below a major higher low and end the bull trend.<\/li>\n\n\n\n<li>As of bar 27, the bears have finally gotten a close below the moving average. While this is good for the bears, they need to do more. Otherwise, the reversal attempt will become another pullback in the bull trend.<\/li>\n\n\n\n<li>The selloff from bar 19 is tight, and that will increase the odds that the bears will get a lower high below bar 19.<\/li>\n\n\n\n<li>Now, the bears are hopeful that the selloff down to bar 27 will become an endless pullback that leads to a downside breakout. If this is going to happen, there will be plenty of time to get short. Right now, the odds favor more sideways 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\/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=\"End Of Day Review will be presented in the Trading Room today. See below for details on how to sign up.\" 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<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-Trading-Range-Then-Bull-Breakout-on-FOMC.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-Trading-Range-Then-Bull-Breakout-on-FOMC-680x383.jpg\" alt=\"SP500 Emini 5 Min Chart Trading Range Then Bull Breakout on FOMC\" class=\"wp-image-195885\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Trading-Range-Then-Bull-Breakout-on-FOMC-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Trading-Range-Then-Bull-Breakout-on-FOMC-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Trading-Range-Then-Bull-Breakout-on-FOMC-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Trading-Range-Then-Bull-Breakout-on-FOMC.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-1a7080d\" data-video=\"https:\/\/www.youtube.com\/watch?v=oF7PzgbBUnU\" data-block-id=\"1a7080d\"><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-387b882\" data-block-id=\"387b882\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-387b882\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-387-b-882-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-387-b-882-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-3aff168\" data-block-id=\"3aff168\"><figure><span 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\" \/><\/span><\/figure><\/div>\n<\/button><\/div>\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: Wednesday December 13, 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":195841,"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":[153,136,241],"tags":[281,60,1908],"class_list":{"0":"post-195777","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"category-video","10":"tag-eurusd-forex","11":"tag-sp-emini","12":"tag-testing-resistance","13":"entry","14":"override","15":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/SP500-Emini-5-Min-Chart-Bear-Trap-and-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\/195777","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=195777"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/195777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/195841"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=195777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=195777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=195777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}