{"id":213389,"date":"2024-07-23T07:44:15","date_gmt":"2024-07-23T14:44:15","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=213389"},"modified":"2024-07-23T22:07:44","modified_gmt":"2024-07-24T05:07:44","slug":"emini-bears-need-major-trend-reversal","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-bears-need-major-trend-reversal\/","title":{"rendered":"Emini Bears Need Major Trend Reversal"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Tuesday July 23, 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 rallied yesterday and found support below the moving average. This was expected due to the tight bull channel on the daily chart.<\/li>\n\n\n\n<li>The odds favor the bears getting a second leg down, but they must be prepared for a possible deep pullback and the formation of a lower-high major trend reversal.<\/li>\n\n\n\n<li>As strong as the selloff was last week, it is only 3 bars, increasing the odds of it being a minor reversal that will lead to a trading range.<\/li>\n\n\n\n<li>There are trapped bulls who are disappointed with last week\u2019s selloff. They will likely use and bounce to sell out of longs, leading to a 2<sup>nd<\/sup> leg down.<\/li>\n\n\n\n<li>Yesterday is a strong enough bar at support, and the bulls will likely get a small 2nd leg up. However, the odds favor lower prices.<\/li>\n\n\n\n<li>Overall, last week&#8217;s selloff is strong enough to increase the odds of the bears getting a second leg down. Traders will pay attention to how much buying pressure the bulls can get during the pullback.<\/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>The bulls formed a tight bull channel on the 15-minute chart during the early morning hours and got a 2<sup>nd<\/sup> leg on the open of the U.S. Session.<\/li>\n\n\n\n<li>While the bulls did a good job with the first 3 bars of the day, the context was bad, and the follow-through had too much overlap. This is how the market is trying to get a selloff after bar 12.<\/li>\n\n\n\n<li>Today will probably have limited buying due to the odds of the daily chart getting a bad follow-through bar for the bulls. This means that traders should pay attention to the open of the day, as the bears will want a close below it.<\/li>\n\n\n\n<li>Overall, today will likely have a lot of trading range price action.<\/li>\n\n\n\n<li>As of bar 16, the bears are trying to get a test of the bar 1 low.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yesterday&#8217;s Emini setups<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Double-Bottom-after-Failed-Double-Top-Then-Tight-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Double-Bottom-after-Failed-Double-Top-Then-Tight-Trading-Range-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Double Bottom after Failed Double Top Then Tight Trading Range\" class=\"wp-image-213437\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Double-Bottom-after-Failed-Double-Top-Then-Tight-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Double-Bottom-after-Failed-Double-Top-Then-Tight-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Double-Bottom-after-Failed-Double-Top-Then-Tight-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Double-Bottom-after-Failed-Double-Top-Then-Tight-Trading-Range.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<p class=\"caption\">Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a near 4-year library of more detailed explanations of swing trade setups (see Online Course\/BTC Daily Setups). Encyclopedia members get current daily charts added to Encyclopedia.<\/p>\n\n\n\n<p class=\"caption\">My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or nearly Always In a position all day, and he was not currently in the market, these entries would be logical times for him to enter. These therefore are swing entries.<\/p>\n\n\n\n<p class=\"caption\">It is important to understand that most swing setups do not lead to swing trades. As soon as traders are disappointed, many exit. Those who exit prefer to get out with a small profit (scalp), but often have to exit with a small loss.<\/p>\n\n\n\n<p class=\"caption\">If the risk is too big for your account, you should wait for trades with less risk or trade an alternative market like the Micro Emini.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">EURUSD Forex market trading strategies<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">EURUSD Forex daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD formed a bad High 1 buy signal bar on July 22<sup>nd<\/sup>, following 2 consecutive bear bars.<\/li>\n\n\n\n<li>This increased the risk of sellers above the July 22<sup>nd<\/sup> high and a 2<sup>nd<\/sup> leg down, which is what happened today (July 23<sup>rd<\/sup>).<\/li>\n\n\n\n<li>While the July rally has been good for the bulls, it is within an overall trading range on the daily chart.<\/li>\n\n\n\n<li>In general, when you get a rally with consecutive buy climaxes, such as the one leading up to the July 17<sup>th<\/sup> high, traders are hesitant to buy.<\/li>\n\n\n\n<li>The risk\/reward gets bad, and the probability does not justify having the bad risk\/reward. This means that traders will begin to sell out of longs, and bears will establish shorts.<\/li>\n\n\n\n<li>The rally up to the July high is likely strong enough for a 2<sup>nd<\/sup> leg up. However, the pullback is becoming deeper than what the bulls want. This is because the market is in an overall trading range.<\/li>\n\n\n\n<li>At the moment, the selloff over the past four days is strong enough that there are probably sellers around the July high, and the market will continue to go sideways.<\/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\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-and-Then-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-and-Then-Trading-Range-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Wedge Top and Then Trading Range\" class=\"wp-image-213476\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-and-Then-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-and-Then-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-and-Then-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-and-Then-Trading-Range.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>End Of Day Review will be presented in the Trading Room today. See below for details on how to sign up.<\/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: Tuesday July 23, 2024 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Yesterday&#8217;s Emini setups Al created the SP500 Emini charts. Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":213437,"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":[281,71,60],"class_list":{"0":"post-213389","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-major-trend-reversal","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Double-Bottom-after-Failed-Double-Top-Then-Tight-Trading-Range.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\/213389","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=213389"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/213389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/213437"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=213389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=213389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=213389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}