Trading Update: Tuesday May 10, 2022 Emini pre-open market analysis Emini daily chart Emini close below 4,000 for the first time in over a year. Bears hope this will lead to a successful bear breakout and measured move down from the February – March trading range, which would test the 3,600-price level. The market has […]
Emini market testing May 2 low
Trading Update: Monday May 9, 2022 Emini pre-open market analysis Emini daily chart Friday closed as a doji bar with a small bull body around the May 2 low. Emini market testing May 2 low and bulls hope the market is forming a double bottom, which will lead to a test of the May 4 […]
EURUSD potential final flag & 2017 low magnet below
The EURUSD Forex sell-off is strong and in a tight bear channel. Bears want a test of 2017 low and a strong breakout below. Because of the strong selling pressure, odds slightly favor sideways to down.
However, because of the 1) oversold conditions, 2) trend channel line overshoot and 3) parabolic wedge and 4) potential final flag, traders should be prepared for a 2-legged pullback (bounce) which can begin at any moment.
NASDAQ 5th successive weekly bear close
Market Overview: NASDAQ 100 Emini Futures The Nasdaq Emini futures is in a strong bear leg. This is the 5th consecutive bear bar and successive weekly bear close below the prior March low. At the same time, bulls who bought the low of March made money selling near the monthly exponential moving average (EMA). The week started […]
Emini weak breakout below trading range
The S&P 500 Emini futures had a weak breakout below February low. Bears hope this is simply a breakout pullback and wants a strong breakout and a measured move down. Bulls want a reversal higher from the bottom of the 9-month trading range. They see a wedge bull flag and a lower low major trend reversal setup.
However, the sell-off from March 29 has been strong. Odds are, a pullback (bounce) from here would be minor and traders expect at least a small second leg sideways to down after a slightly larger pullback.
Nifty 50 futures leg 1 = leg 2 inside broad bear channel
Market Overview: Nifty 50 Futures The Nifty 50 futures successfully had breakout of last week’s inside candle and support with a possible Leg 1 = Leg 2 inside broad bear channel on the weekly chart. A big bear bar closing near its low continued the broad bear channel. On the daily chart, the Nifty 50 is forming […]
DAX 40 bear channel near February close
Market Overview: DAX 40 Futures DAX futures moved lower last week with a DAX 40 bear channel near the February close and near the 200-week moving average (MA). The bears want a breakout below the February low down to a measured move target near October 2020. The bulls want a higher low major trend reversal, […]
FTSE 4th bear bar pausing at 20-week MA
Market Overview: FTSE 100 Futures The FTSE futures market had a 4th bear bar pausing at the 20-week moving average (MA). We are moving down from a wedge reversal at the top of a trading range. Traders are deciding if we will get a measured move down to the March lows or get a second leg […]
Emini bears completely reversed bull breakout
Trading Update: Friday May 6, 2022 Emini pre-open market analysis Emini daily chart The bears completely reversed bull breakout bar (May 4 bull trend bar). However, the bears were unable to close the market on its low. Yesterday also has a big tail below it, increasing the odds of a possible inside day today. Bulls […]
Emini bulls likely follow-through after FOMC rally yesterday
Trading Update: Thursday May 5, 2022 Emini pre-open market analysis Emini daily chart The bulls got a strong bull breakout following FOMC report, with likely follow-through after FOMC rally yesterday, over the next several days. Yesterday was a surprise bull breakout, which means that the odds favor at least a second leg up and that […]