The Monthly<\/em> Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Emini-Monthly-Wedge-at-TCL-MTR-or-BO-Above-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The January monthly Emini candlestick<\/a> was another consecutive bull bar with a prominent tail above.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor January to trade at least a little higher. The all-time high is close enough and could be tested in January.<\/li>\n\n\n\n
- January traded higher but did not reach the all-time high.<\/li>\n\n\n\n
- Previously, the bulls managed to create a tight bull channel from March to July. <\/li>\n\n\n\n
- That increases the odds of at least a small second leg sideways to up after the July to October pullback. The second leg up is currently underway.<\/li>\n\n\n\n
- February has traded above the January high. The bulls hope that the market will reach the all-time high and break out above.<\/li>\n\n\n\n
- The bears see the current rally as a retest of the January 2022 all-time high and want a reversal from a lower high major trend reversal or a double top.<\/li>\n\n\n\n
- They also see a large wedge pattern (Dec 2, July 27, and Feb 2) forming at the trend channel line area.<\/li>\n\n\n\n
- Because of the strong rally in the last 3 months, they will need a strong signal bar or a micro double top before traders would be willing to sell more aggressively.<\/li>\n\n\n\n
- If February stalls around the January high area or slightly above, it can form a micro double top.<\/li>\n\n\n\n
- Since January closed above the middle of its range, it is a buy signal bar albeit weaker.<\/li>\n\n\n\n
- For now, odds slightly favor February to trade at least a little higher which it has done. <\/li>\n\n\n\n
- The market remains Always In Long and the bull trend remains intact (higher highs, higher lows).<\/li>\n\n\n\n
- However, the rally has also lasted a long time and is slightly climactic. <\/li>\n\n\n\n
- A minor pullback can begin within a few months before the market resumes higher.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Emini-Weekly-IOI-forming-or-BO-at-Trend-Channel-Line-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was an outside bull bar closing near its high with a long tail below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to still be Always In Long. Traders will see if the bull can create another follow-through bull bar and resume the move higher.<\/li>\n\n\n\n
- The bulls continue to get follow-through buying above the December 28 high.<\/li>\n\n\n\n
- The move up since October is in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n
- The next target for the bulls is the all-time high. They want a strong breakout into a new all-time high territory, hoping that it will lead to many months of sideways to up trading. <\/li>\n\n\n\n
- Swing bulls would continue to hold their long position established at lower prices believing any pullback likely to be minor and the market has transitioned into a bull channel phase.<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy-vacuum test of what they believe to be a 38-month trading range high.<\/li>\n\n\n\n
- They want a reversal from a lower high major trend reversal (with the all-time high) and a large wedge pattern (Feb 2, July 27, and Feb 2) from around the trend channel line area.<\/li>\n\n\n\n
- They hope to get at least a TBTL (Ten Bars, Two Legs) pullback. <\/li>\n\n\n\n
- The problem with the bear\u2019s case is that the rally is very strong. The only bear bar in the rally had no follow-through selling.<\/li>\n\n\n\n
- They would need a strong reversal bar, a micro double top or a reasonable signal bar for a Low 2 setup before they would think to sell aggressively.<\/li>\n\n\n\n
- The bears hope next week will form an inside bear bar, forming an ioi (inside-outside-inside) followed by a breakout below, beginning the TBTL pullback phase.<\/li>\n\n\n\n
- If the market trades higher, the bears want the Emini to stall around the trend channel line area or the all-time high area.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is an outside bull closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- Sometimes the candlestick after an outside bar is an inside bar, forming an ioi (inside-outside-inside) pattern, a breakout mode pattern.<\/li>\n\n\n\n
- While the market continues to be Always In Long, the rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders expect a minor pullback (even if it lasts for weeks) and are looking for signs of this. <\/li>\n\n\n\n
- Traders will see if the bull can create another follow-through bull bar and resume the move higher. Or will the market stall around the trend channel line area?<\/li>\n<\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Emini-Monthly-Wedge-at-TCL-MTR-or-BO-Above.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The January monthly Emini candlestick<\/a> was another consecutive bull bar with a prominent tail above.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor January to trade at least a little higher. The all-time high is close enough and could be tested in January.<\/li>\n\n\n\n
- January traded higher but did not reach the all-time high.<\/li>\n\n\n\n
- Previously, the bulls managed to create a tight bull channel from March to July. <\/li>\n\n\n\n
- That increases the odds of at least a small second leg sideways to up after the July to October pullback. The second leg up is currently underway.<\/li>\n\n\n\n
- February has traded above the January high. The bulls hope that the market will reach the all-time high and break out above.<\/li>\n\n\n\n
- The bears see the current rally as a retest of the January 2022 all-time high and want a reversal from a lower high major trend reversal or a double top.<\/li>\n\n\n\n
- They also see a large wedge pattern (Dec 2, July 27, and Feb 2) forming at the trend channel line area.<\/li>\n\n\n\n
- Because of the strong rally in the last 3 months, they will need a strong signal bar or a micro double top before traders would be willing to sell more aggressively.<\/li>\n\n\n\n
- If February stalls around the January high area or slightly above, it can form a micro double top.<\/li>\n\n\n\n
- Since January closed above the middle of its range, it is a buy signal bar albeit weaker.<\/li>\n\n\n\n
- For now, odds slightly favor February to trade at least a little higher which it has done. <\/li>\n\n\n\n
- The market remains Always In Long and the bull trend remains intact (higher highs, higher lows).<\/li>\n\n\n\n
- However, the rally has also lasted a long time and is slightly climactic. <\/li>\n\n\n\n
- A minor pullback can begin within a few months before the market resumes higher.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- This week\u2019s Emini candlestick <\/a>was an outside bull bar closing near its high with a long tail below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to still be Always In Long. Traders will see if the bull can create another follow-through bull bar and resume the move higher.<\/li>\n\n\n\n
- The bulls continue to get follow-through buying above the December 28 high.<\/li>\n\n\n\n
- The move up since October is in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n
- The next target for the bulls is the all-time high. They want a strong breakout into a new all-time high territory, hoping that it will lead to many months of sideways to up trading. <\/li>\n\n\n\n
- Swing bulls would continue to hold their long position established at lower prices believing any pullback likely to be minor and the market has transitioned into a bull channel phase.<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy-vacuum test of what they believe to be a 38-month trading range high.<\/li>\n\n\n\n
- They want a reversal from a lower high major trend reversal (with the all-time high) and a large wedge pattern (Feb 2, July 27, and Feb 2) from around the trend channel line area.<\/li>\n\n\n\n
- They hope to get at least a TBTL (Ten Bars, Two Legs) pullback. <\/li>\n\n\n\n
- The problem with the bear\u2019s case is that the rally is very strong. The only bear bar in the rally had no follow-through selling.<\/li>\n\n\n\n
- They would need a strong reversal bar, a micro double top or a reasonable signal bar for a Low 2 setup before they would think to sell aggressively.<\/li>\n\n\n\n
- The bears hope next week will form an inside bear bar, forming an ioi (inside-outside-inside) followed by a breakout below, beginning the TBTL pullback phase.<\/li>\n\n\n\n
- If the market trades higher, the bears want the Emini to stall around the trend channel line area or the all-time high area.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is an outside bull closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- Sometimes the candlestick after an outside bar is an inside bar, forming an ioi (inside-outside-inside) pattern, a breakout mode pattern.<\/li>\n\n\n\n
- While the market continues to be Always In Long, the rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders expect a minor pullback (even if it lasts for weeks) and are looking for signs of this. <\/li>\n\n\n\n
- Traders will see if the bull can create another follow-through bull bar and resume the move higher. Or will the market stall around the trend channel line area?<\/li>\n<\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to still be Always In Long. Traders will see if the bull can create another follow-through bull bar and resume the move higher.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor January to trade at least a little higher. The all-time high is close enough and could be tested in January.<\/li>\n\n\n\n