{"id":29380,"date":"2014-09-20T18:15:09","date_gmt":"2014-09-21T01:15:09","guid":{"rendered":"https:\/\/brookstradingcourse.com\/?p=29380"},"modified":"2014-10-09T22:40:00","modified_gmt":"2014-10-10T05:40:00","slug":"emini-weekend-update-sept-21-2014-breakout-on-weekly-candle-chart","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-weekend-update-sept-21-2014-breakout-on-weekly-candle-chart\/","title":{"rendered":"Emini weekend update: September 21, 2014: breakout on the weekly candle chart"},"content":{"rendered":"

The monthly S&P500 Emini candle chart is in a strong bull trend, but overbought<\/h2>\n

\"The<\/p>\n

The S&P500 Emini monthly chart is in a strong bull trend, but it is overbought.<\/p>\n

Although there is a bull breakout on the weekly candle chart, the monthly chart is very overbought. It can continue to be overbought for a long time, but it has only been this overbought 3 times<\/a> in the past 20 years. Each prior time was followed by a reversal of 20% or more. So far, the candle on the monthly chart is a doji, which represents indecision, and it is occurring at an all-time high. <\/p>\n

Bull breakout on the weekly candle chart<\/h2>\n

\"The<\/p>\n

The S&P500 Emini weekly chart is in a strong bull trend, and formed an outside up candle this wee. This is bullish, but the Emini is near the top of the channel.<\/p>\n

The weekly Emini candle closed above the highs of the last two weeks and at an all-time high. That close created a gap above those highs. The bulls want the gap to be a measuring gap that will be followed by a strong leg up. The bears want the Emini to trade below those highs next week, turning the gap into a possible exhaustion gap. Since the Emini is close to the top of the channel and most channel breakout attempts fail, the odds favor a move down to the bottom of the weekly channel at some point within a month or so.<\/p>\n

The daily S&P500 Emini candle chart is at an all-time high, but it is struggling to find enough buyers at this level.<\/h2>\n

\"The<\/p>\n

The S&P500 Emini daily chart is in both a head and shoulders bottom bull flag and a wedge top.<\/p>\n

The Emini daily chart is at an all-time high. However, it continues to fail to resume up. So far, there are not enough buyers around 2,000 to create a strong bull breakout. If the bulls continue to fail, the Emini will fall to lower levels as it searches for buyers. <\/p>\n

The bulls see the past 3 months as a head and shoulders bottom bull flag and they expect a strong bull breakout above the top of the channel. Since 70% of bull breakout above bull channels fail, this one probably will, too.<\/p>\n

The bears see the Emini as being in a 3 month wedge top. They are looking for a reversal down to the bottom of the wedge, which is the August low, around 1900.<\/p>\n

\n

Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>, and a 2 day free trial<\/a> is available.<\/p>\n

When I mention time, it is USA Pacific Standard Time (the Emini day session opens at 6:30 am PST, and closes at 1:15 pm PST). You can read background information on the intraday market reports on the Intraday Market Update<\/a> page.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

The monthly S&P500 Emini candle chart is in a strong bull trend, but overbought The S&P500 Emini monthly chart is in a strong bull trend, but it is overbought. Although there is a bull breakout on the weekly candle chart, the monthly chart is very overbought. It can continue to be overbought for a long […]<\/p>\n","protected":false},"author":4,"featured_media":0,"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":"","_genesis_layout":"","footnotes":""},"categories":[136],"tags":[],"class_list":{"0":"post-29380","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-analysis","7":"entry","8":"has-post-thumbnail","9":"override"},"featured_image_src":null,"author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/29380","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=29380"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/29380\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=29380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=29380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=29380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}