The Monthly<\/em> Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Emini-Monthly-FT-Buying-Tight-Bull-Channel-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The\u00a0June monthly Emini candlestick<\/a> was a bull bar closing in its upper half with a prominent tail above.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor the market to trade at least a little higher. Traders will see if the bulls can create another breakout into new all-time high territory or will the market trade slightly higher but stall around the prior all-time high area.<\/li>\n\n\n\n
- The bulls got a strong rally starting in October\u00a0in the form of\u00a0a tight bull channel.<\/li>\n\n\n\n
- They hope that the market has entered a broad bull channel phase which will last for many months.<\/li>\n\n\n\n
- They want\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21. The third leg up is currently underway.<\/li>\n\n\n\n
- If there is a pullback, the bulls want it to be sideways and shallow (filled with weak bear bars, bull bars, doji(s) and overlapping candlesticks).\u00a0<\/li>\n\n\n\n
- They want the pullback to form a higher low or a double bottom bull flag with the April 19 low.<\/li>\n\n\n\n
- They want the 20-month EMA or the bull trend line to\u00a0act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high\u00a0major\u00a0trend reversal and a large wedge pattern (July 27, March 21, and June 28).<\/li>\n\n\n\n
- They see the last 3 sideways candlesticks (Mar, Apr, and May) as forming a possible final flag of an extended rally.<\/li>\n\n\n\n
- They see a possible blow-off top forming and hope to get a deep pullback within a few months.<\/li>\n\n\n\n
- The problem with the bear’s case is that they have not yet been able to create credible bear bars (strong bear bars with follow-through selling).<\/li>\n\n\n\n
- They will need a strong reversal bar or a micro double top before they would be willing to think to sell aggressively.<\/li>\n\n\n\n
- Since June was a bull bar closing in its upper half, it is a buy signal bar for July. It is not a strong sell signal bar.<\/li>\n\n\n\n
- Traders will see if the bulls can create another breakout into new all-time high territory in July or will the market start to stall around the current levels and begin the pullback phase?<\/li>\n\n\n\n
- The rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders are looking for signs of profit-taking in the months ahead.<\/li>\n\n\n\n
- The bears need to create strong bear bars to indicate that they are at least temporarily back in control. They haven’t been able to do so yet.<\/li>\n\n\n\n
- Odds favor any pullback to be minor.<\/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\/06\/Emini-Weekly-Micro-Wedge-Bears-Need-Follow-through-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bear doji closing near its low with a long tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the bulls can continue to create follow-through buying or will the market start to stall around the current levels and the bears start to get some bear bars.<\/li>\n\n\n\n
- The market was sideways for most of the week but rallied on Friday making a new high. However, the market reversed to close the week with a bear body.<\/li>\n\n\n\n
- The bulls hope\u00a0that the\u00a0rally will lead to months of sideways to up trading (broad bull channel).\u00a0They hope that the\u00a0broad bull channel phase has begun.<\/li>\n\n\n\n
- They want to get\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21. The third leg up is currently underway.<\/li>\n\n\n\n
- If the market trades lower, they want the pullback to form a higher low or a double bottom bull flag with\u00a0the May 31 or the April 19\u00a0low.<\/li>\n\n\n\n
- They want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high\u00a0major\u00a0trend reversal, a wedge pattern (Jul 27, Mar 21 and Jun 28) and a trend channel line overshoot.<\/li>\n\n\n\n
- They also see a micro wedge (Jun 12, Jun 21, and Jun 28) and a micro double top (Jun 21 and Jun 28). The odds of a minor pullback are increasing.<\/li>\n\n\n\n
- They see the sideways trading range in the last 3 weeks of May as a possible final flag of the rally.<\/li>\n\n\n\n
- They want a TBTL (Ten Bars, Two Legs) pullback trading far below the 20-week EMA.<\/li>\n\n\n\n
- At the very least, they want a retest of the\u00a0April 19\u00a0low, even if it forms a higher low.<\/li>\n\n\n\n
- They need to create\u00a0a strong entry bar next week with follow-through selling to begin the pullback phase.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear doji closing near its low, it is a sell signal bar for next week.\u00a0<\/li>\n\n\n\n
- The bears need to create a strong entry bar with follow-through selling to convince traders that they are at least temporarily back in control.<\/li>\n\n\n\n
- Traders will see if the bears can create a strong entry bar or will the market trade slightly lower but lack follow-through selling.<\/li>\n\n\n\n
- For now, any pullback is likely to be minor and not immediately lead to a bear trend.<\/li>\n\n\n\n
- The move is becoming slightly climactic and overbought. Traders are looking for reasons to take profits off the table.<\/li>\n\n\n\n
- If the bears can create a strong entry bar with subsequent follow-through selling, we may start to see a deeper pullback form towards the April 19 low or the 20-week EMA.<\/li>\n\n\n\n
- Moving forward,\u00a0if the market has entered a broad bull channel or a trading range phase, traders should expect more two-sided trading.<\/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\/06\/Emini-Monthly-FT-Buying-Tight-Bull-Channel.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The\u00a0June monthly Emini candlestick<\/a> was a bull bar closing in its upper half with a prominent tail above.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor the market to trade at least a little higher. Traders will see if the bulls can create another breakout into new all-time high territory or will the market trade slightly higher but stall around the prior all-time high area.<\/li>\n\n\n\n
- The bulls got a strong rally starting in October\u00a0in the form of\u00a0a tight bull channel.<\/li>\n\n\n\n
- They hope that the market has entered a broad bull channel phase which will last for many months.<\/li>\n\n\n\n
- They want\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21. The third leg up is currently underway.<\/li>\n\n\n\n
- If there is a pullback, the bulls want it to be sideways and shallow (filled with weak bear bars, bull bars, doji(s) and overlapping candlesticks).\u00a0<\/li>\n\n\n\n
- They want the pullback to form a higher low or a double bottom bull flag with the April 19 low.<\/li>\n\n\n\n
- They want the 20-month EMA or the bull trend line to\u00a0act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high\u00a0major\u00a0trend reversal and a large wedge pattern (July 27, March 21, and June 28).<\/li>\n\n\n\n
- They see the last 3 sideways candlesticks (Mar, Apr, and May) as forming a possible final flag of an extended rally.<\/li>\n\n\n\n
- They see a possible blow-off top forming and hope to get a deep pullback within a few months.<\/li>\n\n\n\n
- The problem with the bear’s case is that they have not yet been able to create credible bear bars (strong bear bars with follow-through selling).<\/li>\n\n\n\n
- They will need a strong reversal bar or a micro double top before they would be willing to think to sell aggressively.<\/li>\n\n\n\n
- Since June was a bull bar closing in its upper half, it is a buy signal bar for July. It is not a strong sell signal bar.<\/li>\n\n\n\n
- Traders will see if the bulls can create another breakout into new all-time high territory in July or will the market start to stall around the current levels and begin the pullback phase?<\/li>\n\n\n\n
- The rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders are looking for signs of profit-taking in the months ahead.<\/li>\n\n\n\n
- The bears need to create strong bear bars to indicate that they are at least temporarily back in control. They haven’t been able to do so yet.<\/li>\n\n\n\n
- Odds favor any pullback to be minor.<\/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\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bear doji closing near its low with a long tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the bulls can continue to create follow-through buying or will the market start to stall around the current levels and the bears start to get some bear bars.<\/li>\n\n\n\n
- The market was sideways for most of the week but rallied on Friday making a new high. However, the market reversed to close the week with a bear body.<\/li>\n\n\n\n
- The bulls hope\u00a0that the\u00a0rally will lead to months of sideways to up trading (broad bull channel).\u00a0They hope that the\u00a0broad bull channel phase has begun.<\/li>\n\n\n\n
- They want to get\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21. The third leg up is currently underway.<\/li>\n\n\n\n
- If the market trades lower, they want the pullback to form a higher low or a double bottom bull flag with\u00a0the May 31 or the April 19\u00a0low.<\/li>\n\n\n\n
- They want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high\u00a0major\u00a0trend reversal, a wedge pattern (Jul 27, Mar 21 and Jun 28) and a trend channel line overshoot.<\/li>\n\n\n\n
- They also see a micro wedge (Jun 12, Jun 21, and Jun 28) and a micro double top (Jun 21 and Jun 28). The odds of a minor pullback are increasing.<\/li>\n\n\n\n
- They see the sideways trading range in the last 3 weeks of May as a possible final flag of the rally.<\/li>\n\n\n\n
- They want a TBTL (Ten Bars, Two Legs) pullback trading far below the 20-week EMA.<\/li>\n\n\n\n
- At the very least, they want a retest of the\u00a0April 19\u00a0low, even if it forms a higher low.<\/li>\n\n\n\n
- They need to create\u00a0a strong entry bar next week with follow-through selling to begin the pullback phase.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear doji closing near its low, it is a sell signal bar for next week.\u00a0<\/li>\n\n\n\n
- The bears need to create a strong entry bar with follow-through selling to convince traders that they are at least temporarily back in control.<\/li>\n\n\n\n
- Traders will see if the bears can create a strong entry bar or will the market trade slightly lower but lack follow-through selling.<\/li>\n\n\n\n
- For now, any pullback is likely to be minor and not immediately lead to a bear trend.<\/li>\n\n\n\n
- The move is becoming slightly climactic and overbought. Traders are looking for reasons to take profits off the table.<\/li>\n\n\n\n
- If the bears can create a strong entry bar with subsequent follow-through selling, we may start to see a deeper pullback form towards the April 19 low or the 20-week EMA.<\/li>\n\n\n\n
- Moving forward,\u00a0if the market has entered a broad bull channel or a trading range phase, traders should expect more two-sided trading.<\/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 bulls can continue to create follow-through buying or will the market start to stall around the current levels and the bears start to get some bear bars.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor the market to trade at least a little higher. Traders will see if the bulls can create another breakout into new all-time high territory or will the market trade slightly higher but stall around the prior all-time high area.<\/li>\n\n\n\n