Trading Update: Wednesday May 4, 2022 Emini pre-open market analysis Emini daily chart Update: I forgot to mention today is an FOMC day. Traders should exit any intraday trade 1 hour before report is released. The bulls want a strong breakout or at least consecutive trend bars to make the market always in long and […]
Emini bulls want strong entry bar today
Trading Update: Tuesday May 3, 2022 Emini pre-open market analysis Emini daily chart The Emini broke below the February low yesterday and reversed up as a bull bar closing near its high. The bulls want a strong entry bar today, increasing the odds that the market reaches the April 18 low (4,364.5) and possibly higher. […]
Emini likely to reach February low this week
Trading Update: Monday May 2, 2022 Emini pre-open market analysis Emini daily chart Emini closed near its low last Friday, creating a strong bear close on the weekly chart The market is close enough and likely to reach February low (4,100.25) sometime this week. Bulls want to prevent the bears from reaching the February low […]
EURUSD Forex parabolic wedge & trend channel line overshoot
The EURUSD Forex broke below March 2020 low. The next target for the bears is the 7-year trading range low. The sell-off is in a tight channel which means strong bears.
The monthly and weekly candlestick overshoot the trend channel line this week. There is also a parabolic wedge on the chart. While lower price is slightly more likely, traders should be prepared for a 2 legged sideways to up pullback (bounce) which can begin at any moment.
NASDAQ first monthly bear close below EMA since December 2018
Market Overview: NASDAQ 100 Emini Futures This week’s Nasdaq Emini candlestick is a big bear bar closing near its low below the prior low of the year – the week of 3/14 -and below Exponential Moving Average (EMA). The first monthly bear close below EMA since December 2018 – the first time in more than ten years […]
Emini monthly big bear bar testing 20-month EMA
The S&P 500 Emini futures has 4 consecutive bear bars closing near the low on the weekly chart, testing the February low. The bears need a couple of closes below the February low on the weekly chart to convince traders that a deeper correction may be underway. The bulls hope that this is simply a sell vacuum test of the trading range low.
The Monthly candlestick is forming the second leg down from the January top. The Emini is in a 9-month trading range. While odds slightly favor a test below February low, breakouts from trading ranges fail 50% of the time.
Nifty 50 futures disappointed bulls on failed 2nd entry long
Market Overview: Nifty 50 Futures The Nifty 50 futures gave an bear close for the month with disappointed bulls on failed 2nd entry long, bears now much confident after bad follow through after High 2 buy signal bar. Monthly chart gave an downside breakout of a tight bull channel 6 months ago but heading sideways […]
DAX 40 follow-through selling after bear breakout
Market Overview: DAX 40 Futures The DAX futures moved lower last month with follow-through selling below a bear breakout. It’s always in short on the daily chart but bears failed to get consecutive bear bars last week so it looks like we might go sideways. The bulls have support after a long-term trend and we […]
FTSE 100 failed High 1 buy in trading range
Market Overview: FTSE 100 Futures The FTSE futures market had a failed High 1 buy in a tight trading range last month. We are likely always in short on the daily chart forming lower highs and working down to the March lows. The bulls have both longer and shorter-term trends on their sides. After such a […]
Emini bulls want test of April 18 low
Trading Update: Friday April 29, 2022 Emini pre-open market analysis Emini daily chart Yesterday was a reminder that the market is in a trading range, and the bulls want test of the April 18 low soon, which is the breakout below the wedge bottom. The bulls had a micro double bottom (April 25 and April […]