The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Emini-Weekly-PB-and-then-2nd-Leg-Down-or-Retest-High-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was an inside bull bar closing near high and above the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the 20-week EMA will\u00a0act as temporary\u00a0support even if the market\u00a0temporarily\u00a0trades below it.<\/li>\n\n\n\n
- The bulls have a strong rally in the form of a tight bull channel.\u00a0<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0rally will lead to months of sideways to up trading after a pullback.<\/li>\n\n\n\n
- They hope that the 20-week EMA will act as support. So\u00a0far\u00a0this is the case.<\/li>\n\n\n\n
- The bulls want a breakout above the inside bull bar and strong follow-through buying next week.<\/li>\n\n\n\n
- They want a strong retest of the March 21 high\u00a0followed by\u00a0a strong breakout above, starting the\u00a0larger\u00a0bull channel phase.<\/li>\n\n\n\n
- At the very least, they hope to get at least a small retest of the prior trend extreme high (Mar 21), even if it only leads to a lower high (thereby forming a lower high\u00a0major\u00a0trend reversal).<\/li>\n\n\n\n
- The bears got a reversal from a higher high\u00a0major\u00a0trend reversal and a large wedge pattern (Feb 2, July 27, and Mar 21),<\/li>\n\n\n\n
- They also got a final flag reversal (ioi pattern in March).<\/li>\n\n\n\n
- They hope to get a TBTL (Ten Bars, Two Legs) pullback of at least 5-to-10%. They want at least a test of the 20-week EMA.<\/li>\n\n\n\n
- The selloff last week\u00a0has retraced more than 5% and\u00a0has\u00a0tested the 20-week EMA.<\/li>\n\n\n\n
- The move down is strong enough to favor at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- This week, the bears needed to create follow-through selling below the 20-week EMA but\u00a0were not able to\u00a0do so. The bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a lower high\u00a0major\u00a0trend reversal.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is an inside bar, the market is in breakout mode.<\/li>\n\n\n\n
- Because\u00a0it is a bull bar\u00a0closing near its high, the odds favor the first breakout to be above it.\u00a0The first breakout can fail 50% of the time.<\/li>\n\n\n\n
- Traders will see if the 20-week EMA will continue to\u00a0act as\u00a0support if the market retests it in the weeks ahead.<\/li>\n\n\n\n
- Traders should be open for\u00a0the possibility of\u00a0a pullback (bounce) followed by a second leg sideways to down after that in the weeks ahead. The pullback is currently underway.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong follow-through bull bar next week.<\/li>\n\n\n\n
- The stronger the pullback (bounce), the more it will\u00a0cast doubt on\u00a0the strength of the\u00a0bear\u2019s\u00a0resolve.<\/li>\n\n\n\n
- If the retest of the March 21 high is weak (with doji(s), bear bars, and\u00a0overlapping candlesticks), the odds of another strong leg down from a lower high\u00a0major\u00a0trend reversal will increase.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Emini-Daily-2nd-Leg-Down-after-PB-or-Strong-Retest-of-High-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded sideways to up for the week. Thursday opened lower but reversed into an outside bull bar. Friday tested the 20-day EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that the selloff is strong enough for traders to expect at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- The bears got\u00a0a reversal from\u00a0a higher high\u00a0major\u00a0trend reversal,\u00a0a large wedge pattern (Feb 2,\u00a0July 27, and\u00a0Mar 21) and a parabolic wedge (Dec 28,\u00a0Feb 12, and\u00a0Mar 21).<\/li>\n\n\n\n
- They also got a reversal from a final flag (first half of March).\u00a0<\/li>\n\n\n\n
- The bears want the 20-day EMA to act as resistance and\u00a0want\u00a0at least a small second leg sideways\u00a0to down\u00a0after the pullback.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a lower high\u00a0major\u00a0trend reversal or a double top with the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- The bulls got a strong rally\u00a0which\u00a0lasted over\u00a05\u00a0months.<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0current rally will form a spike and (broader) channel\u00a0which\u00a0will last for many months after a deeper pullback.<\/li>\n\n\n\n
- They hope to get\u00a0at least\u00a0a small retest of the prior high (Mar 21)\u00a0even\u00a0if it forms a lower high.<\/li>\n\n\n\n
- The bulls will need to create consecutive bull bars closing near their\u00a0highs,\u00a0and trading above the 20-day EMA to increase the odds of\u00a0a resumption of\u00a0the trend.<\/li>\n\n\n\n
- This week, the bulls\u00a0managed to create\u00a0a two-legged pullback to the 20-day EMA.<\/li>\n\n\n\n
- The selloff was strong enough for traders to expect at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- Traders will also see if there will be\u00a0at least\u00a0a small retest of the prior high (Mar 21). If there is\u00a0and\u00a0especially if it is weak (with doji(s), bear bars, overlapping candlesticks, and maybe stalls around the 20-day EMA or around\u00a0April\u00a015\u00a0high area), the odds of another leg down from a lower high\u00a0major\u00a0trend reversal will increase.<\/li>\n\n\n\n
- If the bulls get strong consecutive bull bars closing near their highs and a strong retest of the\u00a0March 21\u00a0high instead, traders will start to doubt the strength of the bears and may use the (second leg sideways to down) retest of the\u00a0April 19\u00a0low as an opportunity to buy.<\/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\/04\/Emini-Weekly-PB-and-then-2nd-Leg-Down-or-Retest-High.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was an inside bull bar closing near high and above the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the 20-week EMA will\u00a0act as temporary\u00a0support even if the market\u00a0temporarily\u00a0trades below it.<\/li>\n\n\n\n
- The bulls have a strong rally in the form of a tight bull channel.\u00a0<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0rally will lead to months of sideways to up trading after a pullback.<\/li>\n\n\n\n
- They hope that the 20-week EMA will act as support. So\u00a0far\u00a0this is the case.<\/li>\n\n\n\n
- The bulls want a breakout above the inside bull bar and strong follow-through buying next week.<\/li>\n\n\n\n
- They want a strong retest of the March 21 high\u00a0followed by\u00a0a strong breakout above, starting the\u00a0larger\u00a0bull channel phase.<\/li>\n\n\n\n
- At the very least, they hope to get at least a small retest of the prior trend extreme high (Mar 21), even if it only leads to a lower high (thereby forming a lower high\u00a0major\u00a0trend reversal).<\/li>\n\n\n\n
- The bears got a reversal from a higher high\u00a0major\u00a0trend reversal and a large wedge pattern (Feb 2, July 27, and Mar 21),<\/li>\n\n\n\n
- They also got a final flag reversal (ioi pattern in March).<\/li>\n\n\n\n
- They hope to get a TBTL (Ten Bars, Two Legs) pullback of at least 5-to-10%. They want at least a test of the 20-week EMA.<\/li>\n\n\n\n
- The selloff last week\u00a0has retraced more than 5% and\u00a0has\u00a0tested the 20-week EMA.<\/li>\n\n\n\n
- The move down is strong enough to favor at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- This week, the bears needed to create follow-through selling below the 20-week EMA but\u00a0were not able to\u00a0do so. The bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a lower high\u00a0major\u00a0trend reversal.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is an inside bar, the market is in breakout mode.<\/li>\n\n\n\n
- Because\u00a0it is a bull bar\u00a0closing near its high, the odds favor the first breakout to be above it.\u00a0The first breakout can fail 50% of the time.<\/li>\n\n\n\n
- Traders will see if the 20-week EMA will continue to\u00a0act as\u00a0support if the market retests it in the weeks ahead.<\/li>\n\n\n\n
- Traders should be open for\u00a0the possibility of\u00a0a pullback (bounce) followed by a second leg sideways to down after that in the weeks ahead. The pullback is currently underway.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong follow-through bull bar next week.<\/li>\n\n\n\n
- The stronger the pullback (bounce), the more it will\u00a0cast doubt on\u00a0the strength of the\u00a0bear\u2019s\u00a0resolve.<\/li>\n\n\n\n
- If the retest of the March 21 high is weak (with doji(s), bear bars, and\u00a0overlapping candlesticks), the odds of another strong leg down from a lower high\u00a0major\u00a0trend reversal will increase.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- The market traded sideways to up for the week. Thursday opened lower but reversed into an outside bull bar. Friday tested the 20-day EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that the selloff is strong enough for traders to expect at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- The bears got\u00a0a reversal from\u00a0a higher high\u00a0major\u00a0trend reversal,\u00a0a large wedge pattern (Feb 2,\u00a0July 27, and\u00a0Mar 21) and a parabolic wedge (Dec 28,\u00a0Feb 12, and\u00a0Mar 21).<\/li>\n\n\n\n
- They also got a reversal from a final flag (first half of March).\u00a0<\/li>\n\n\n\n
- The bears want the 20-day EMA to act as resistance and\u00a0want\u00a0at least a small second leg sideways\u00a0to down\u00a0after the pullback.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a lower high\u00a0major\u00a0trend reversal or a double top with the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- The bulls got a strong rally\u00a0which\u00a0lasted over\u00a05\u00a0months.<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0current rally will form a spike and (broader) channel\u00a0which\u00a0will last for many months after a deeper pullback.<\/li>\n\n\n\n
- They hope to get\u00a0at least\u00a0a small retest of the prior high (Mar 21)\u00a0even\u00a0if it forms a lower high.<\/li>\n\n\n\n
- The bulls will need to create consecutive bull bars closing near their\u00a0highs,\u00a0and trading above the 20-day EMA to increase the odds of\u00a0a resumption of\u00a0the trend.<\/li>\n\n\n\n
- This week, the bulls\u00a0managed to create\u00a0a two-legged pullback to the 20-day EMA.<\/li>\n\n\n\n
- The selloff was strong enough for traders to expect at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- Traders will also see if there will be\u00a0at least\u00a0a small retest of the prior high (Mar 21). If there is\u00a0and\u00a0especially if it is weak (with doji(s), bear bars, overlapping candlesticks, and maybe stalls around the 20-day EMA or around\u00a0April\u00a015\u00a0high area), the odds of another leg down from a lower high\u00a0major\u00a0trend reversal will increase.<\/li>\n\n\n\n
- If the bulls get strong consecutive bull bars closing near their highs and a strong retest of the\u00a0March 21\u00a0high instead, traders will start to doubt the strength of the bears and may use the (second leg sideways to down) retest of the\u00a0April 19\u00a0low as an opportunity to buy.<\/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 traders will see if the 20-week EMA will\u00a0act as temporary\u00a0support even if the market\u00a0temporarily\u00a0trades below it.<\/li>\n\n\n\n