{"id":209310,"date":"2024-06-06T06:26:57","date_gmt":"2024-06-06T13:26:57","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=209310"},"modified":"2024-06-06T12:07:34","modified_gmt":"2024-06-06T19:07:34","slug":"emini-bulls-hopeful-for-2nd-leg-up","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-bulls-hopeful-for-2nd-leg-up\/","title":{"rendered":"Emini Bulls Hopeful for 2nd Leg Up"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Thursday June 6, 2024<\/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 formed a strong upside breakout bar yesterday, closing on its high. This was a second leg up from Last Friday\u2019s outside-up solid bar.<\/li>\n\n\n\n<li>The Bulls are hopeful that yesterday is the start of a strong 2<sup>nd<\/sup> leg up following the May rally.<\/li>\n\n\n\n<li>The Bears will try their best to prevent the Bulls from getting follow-through buying. The Bears need a strong reversal bar today, which is a possible failed breakout of the May high.<\/li>\n\n\n\n<li>&nbsp;Yesterday is a surprise, which increases the odds of at least a small second leg up.<\/li>\n\n\n\n<li>Traders will pay attention to what kind of follow-through buying the bulls can form after yesterday\u2019s breakout.<\/li>\n\n\n\n<li>Today is an important bar. The Bulls have a chance to get a strong follow-through bar. However, they will likely fail, and the market will disappoint the bulls.<\/li>\n\n\n\n<li>Overall, the daily chart is in a trading range and will likely continue to go sideways. This increases the odds that the market will reach the April 29<sup>th<\/sup> breakout point over the next several months. However, the bears will need to develop more selling pressure first.<\/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 4 points in the overnight Globex session.<\/li>\n\n\n\n<li>The Globex market has gone sideways in a tight trading range on the 15-minute chart.<\/li>\n\n\n\n<li>The market is in breakout mode, meaning traders should be neutral in the U.S. Open.<\/li>\n\n\n\n<li>Traders should consider not trading for the first 6-12 bars unless they can make quick decisions since most breakouts fail.<\/li>\n\n\n\n<li>Most 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\n\n\n<li>There is a 90% chance that the market will go beyond today\u2019s Globex high or low sometime during today\u2019s U.S. Session.<\/li>\n\n\n\n<li>At the moment, it looks like the market is going to test the Globex high at 5,371.50.<\/li>\n\n\n\n<li>Traders should be patient on the open and not be in a rush. It is easy to take a big loss on the open and spend the rest of the day working to make it up. By waiting, traders will have a better understanding of the day structure and increased probability of catching the high or low of the day.<\/li>\n<\/ul>\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\/2024\/06\/SP500-Emini-5-Min-Chart-Wedge-Bottom-and-then-Small-Pullback-Bear-Trend-6-5.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/SP500-Emini-5-Min-Chart-Wedge-Bottom-and-then-Small-Pullback-Bear-Trend-6-5-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Wedge Bottom and then Small Pullback Bear Trend 6-5\" class=\"wp-image-210065\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/SP500-Emini-5-Min-Chart-Wedge-Bottom-and-then-Small-Pullback-Bear-Trend-6-5-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/SP500-Emini-5-Min-Chart-Wedge-Bottom-and-then-Small-Pullback-Bear-Trend-6-5-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/SP500-Emini-5-Min-Chart-Wedge-Bottom-and-then-Small-Pullback-Bear-Trend-6-5-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/SP500-Emini-5-Min-Chart-Wedge-Bottom-and-then-Small-Pullback-Bear-Trend-6-5.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>Live stream videos to follow Monday, Wednesday and Friday (subject to change).<\/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: Thursday June 6, 2024 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Summary of today&#8217;s S&amp;P Emini price action Al created the SP500 Emini charts. End of day video review Live stream videos to follow Monday, Wednesday and Friday (subject to change). See the weekly [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":210065,"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],"class_list":{"0":"post-209310","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":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/SP500-Emini-5-Min-Chart-Wedge-Bottom-and-then-Small-Pullback-Bear-Trend-6-5.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\/209310","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=209310"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/209310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/210065"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=209310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=209310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=209310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}