The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Emini-Weekly-Outside-Bear-Bar-Start-of-PB-Likely-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was a big outside bear bar closing near its low.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds continue to slightly favor sideways to up. Traders will see if the market can continue the sideways to up buy climax for another 1-3 weeks or will the bears be able to create a strong entry bar with follow-through selling instead?<\/li>\n\n\n\n
- The market made new highs early in the week but reversed sharply lower from midweek onward, creating a strong bear entry bar.<\/li>\n\n\n\n
- The bears got a reversal from a higher high major trend reversal, a wedge pattern (Jul 27, Mar 21, and Jul 16) and a trend channel line overshoot.<\/li>\n\n\n\n
- They also see an embedded wedge in the current leg up (May 23, Jun 28, and Jul 21) and a possible final flag pattern (sideways consolidation from the mid to the end of Jun).<\/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 April 19 low, even if it forms a higher low.<\/li>\n\n\n\n
- The bears need to create follow-through selling next week to convince traders that they are back in control.<\/li>\n\n\n\n
- The bulls hope that the rally will lead to months of sideways to up trading (broad bull channel). <\/li>\n\n\n\n
- They want the pullback to form a higher low followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- If the market trades lower, they want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- They hope to get at least a small second leg sideways to up to retest the all-time high.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is an outside bear bar closing near its low, it is a sell signal bar for next week. <\/li>\n\n\n\n
- The move up was becoming climactic and overbought. Traders are looking for reasons to take profits off the table.<\/li>\n\n\n\n
- The risk of a minor pullback and profit-taking event is elevated.<\/li>\n\n\n\n
- Traders will see if the bears can create a follow-through bear bar, even if it is just a bear doji.<\/li>\n\n\n\n
- For now, the odds slightly favor the profit-taking phase has begun.<\/li>\n\n\n\n
- Traders will see if there is an attempt to form a small retest of the prior high.<\/li>\n\n\n\n
- Or will the market continue to sell off with bigger and stronger bear bars?<\/li>\n\n\n\n
- Sometimes, the candlestick after an outside bear bar can be an inside bar or has a lot of overlapping price action.<\/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\/07\/Emini-Daily-Start-of-PB-Bears-Want-2-Legged-PB-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market made new all-time highs (Mon & Tues) early in the week. It then gapped lower on Wednesday with follow-through selling on Thursday and Friday.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market remains Always In Long but the odds of at least a small pullback are increasing. If the bears start getting big consecutive bear bars closing near their lows, it will likely signal the start of a two-legged sideways-to-down pullback phase.<\/li>\n\n\n\n
- The bears got a reversal from a higher high major trend reversal and a large wedge pattern (Jul 27, Mar 21 and Jul 16).<\/li>\n\n\n\n
- They want a reversal from a wedge in the current leg up (May 23, Jun 28, and Jul 16) and from a final flag pattern (starting from the second half of Jun).<\/li>\n\n\n\n
- They want at least a two-legged pullback lasting at least a few weeks.<\/li>\n\n\n\n
- At the very least, they want a retest of the April 19 low, even if it only forms a higher low.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a small double top or a lower high major trend reversal.<\/li>\n\n\n\n
- The bears need to continue creating strong bear bars trading far below the 20-day EMA to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- The bulls hope that the rally is in a (broad) channel phase.<\/li>\n\n\n\n
- They want the pullback to form a higher low followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- They want the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- So far, the bears managed to create strong consecutive bear bars, something they have not been able to do since April.<\/li>\n\n\n\n
- The odds slightly favor the pullback phase has begun.<\/li>\n\n\n\n
- If there is a pullback to retest the all-time high (Jul 16), traders will see the strength of the pullback. If it is weak and sideways, the odds of another strong leg down will increase.<\/li>\n\n\n\n
- Traders expect at least a two-legged sideways to down pullback.<\/li>\n\n\n\n
- For now, traders will see if the bears can continue to create strong bear bars in the weeks ahead.<\/li>\n\n\n\n
- Or will the pullback end up as a sideways trading range (with weak bear bars, doji(s) and bull bars) instead?<\/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\/07\/Emini-Weekly-Outside-Bear-Bar-Start-of-PB-Likely.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This week\u2019s Emini candlestick <\/a>was a big outside bear bar closing near its low.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds continue to slightly favor sideways to up. Traders will see if the market can continue the sideways to up buy climax for another 1-3 weeks or will the bears be able to create a strong entry bar with follow-through selling instead?<\/li>\n\n\n\n
- The market made new highs early in the week but reversed sharply lower from midweek onward, creating a strong bear entry bar.<\/li>\n\n\n\n
- The bears got a reversal from a higher high major trend reversal, a wedge pattern (Jul 27, Mar 21, and Jul 16) and a trend channel line overshoot.<\/li>\n\n\n\n
- They also see an embedded wedge in the current leg up (May 23, Jun 28, and Jul 21) and a possible final flag pattern (sideways consolidation from the mid to the end of Jun).<\/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 April 19 low, even if it forms a higher low.<\/li>\n\n\n\n
- The bears need to create follow-through selling next week to convince traders that they are back in control.<\/li>\n\n\n\n
- The bulls hope that the rally will lead to months of sideways to up trading (broad bull channel). <\/li>\n\n\n\n
- They want the pullback to form a higher low followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- If the market trades lower, they want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- They hope to get at least a small second leg sideways to up to retest the all-time high.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is an outside bear bar closing near its low, it is a sell signal bar for next week. <\/li>\n\n\n\n
- The move up was becoming climactic and overbought. Traders are looking for reasons to take profits off the table.<\/li>\n\n\n\n
- The risk of a minor pullback and profit-taking event is elevated.<\/li>\n\n\n\n
- Traders will see if the bears can create a follow-through bear bar, even if it is just a bear doji.<\/li>\n\n\n\n
- For now, the odds slightly favor the profit-taking phase has begun.<\/li>\n\n\n\n
- Traders will see if there is an attempt to form a small retest of the prior high.<\/li>\n\n\n\n
- Or will the market continue to sell off with bigger and stronger bear bars?<\/li>\n\n\n\n
- Sometimes, the candlestick after an outside bear bar can be an inside bar or has a lot of overlapping price action.<\/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 made new all-time highs (Mon & Tues) early in the week. It then gapped lower on Wednesday with follow-through selling on Thursday and Friday.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market remains Always In Long but the odds of at least a small pullback are increasing. If the bears start getting big consecutive bear bars closing near their lows, it will likely signal the start of a two-legged sideways-to-down pullback phase.<\/li>\n\n\n\n
- The bears got a reversal from a higher high major trend reversal and a large wedge pattern (Jul 27, Mar 21 and Jul 16).<\/li>\n\n\n\n
- They want a reversal from a wedge in the current leg up (May 23, Jun 28, and Jul 16) and from a final flag pattern (starting from the second half of Jun).<\/li>\n\n\n\n
- They want at least a two-legged pullback lasting at least a few weeks.<\/li>\n\n\n\n
- At the very least, they want a retest of the April 19 low, even if it only forms a higher low.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a small double top or a lower high major trend reversal.<\/li>\n\n\n\n
- The bears need to continue creating strong bear bars trading far below the 20-day EMA to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- The bulls hope that the rally is in a (broad) channel phase.<\/li>\n\n\n\n
- They want the pullback to form a higher low followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- They want the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- So far, the bears managed to create strong consecutive bear bars, something they have not been able to do since April.<\/li>\n\n\n\n
- The odds slightly favor the pullback phase has begun.<\/li>\n\n\n\n
- If there is a pullback to retest the all-time high (Jul 16), traders will see the strength of the pullback. If it is weak and sideways, the odds of another strong leg down will increase.<\/li>\n\n\n\n
- Traders expect at least a two-legged sideways to down pullback.<\/li>\n\n\n\n
- For now, traders will see if the bears can continue to create strong bear bars in the weeks ahead.<\/li>\n\n\n\n
- Or will the pullback end up as a sideways trading range (with weak bear bars, doji(s) and bull bars) instead?<\/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 continue to slightly favor sideways to up. Traders will see if the market can continue the sideways to up buy climax for another 1-3 weeks or will the bears be able to create a strong entry bar with follow-through selling instead?<\/li>\n\n\n\n