The EURUSD Forex traded sideways to down for the week. However, the weekly candlestick has a prominent tail below. The bears want a strong break below the March 4 low followed by a test of the March 2020 low. Bulls want a reversal higher from a double bottom with March 4 low and a lower low major trend reversal. The bulls will need to create strong consecutive strong bull bars to convince traders that a reversal higher could be underway. Odds slightly favor at least a small second leg sideways to down after a slightly larger pullback.
S&P 500 Emini futures consecutive bear bars
The S&P 500 Emini futures had a consecutive bear bar on the weekly chart. The bears are hoping to get the 3rd consecutive bear bar trading far below March 3 high. If they get that, the odds of a test of the February low increases. The bulls see this as a 50% pullback and want a 2nd leg sideways to up to re-test March 29 high.
NASDAQ consecutive bear close below weekly EMA
Market Overview: NASDAQ 100 Emini Futures Nasdaq consecutive bear close on its low and below weekly EMA. It is a good follow-through bar to last week’s big bear bar. The week gapped down and had strong selling pressure – 3 of the 4 trading days in the week had good bear bodies. The bulls had a […]
Nifty 50 futures positive gap acting like magnet
Market Overview: Nifty 50 Futures The Nifty 50 futures positive gap acting like magnet with market still being in an expanding triangle, but started with a new bear channel in the daily charts, finally market gave a breakdown of a wedge. Nifty 50 futures The Weekly Nifty 50 chart General Discussion Increasing bearishness near the […]
DAX futures moved lower with successful Low 1
Market Overview: DAX 40 Futures DAX futures moved lower last week with a successful Low 1 at moving average last week, now with 2 consecutive bear bars with tails below. We are always in short. Bulls are looking to scale in for a double bottom at the March low for a long-term trend resumption up. […]
FTSE 100 futures traded sideways to down
Market Overview: FTSE 100 Futures The FTSE futures market traded sideways to down last week as traders mulled over a new push to the new all time highs. Bears don’t want to sell 5 consecutive bull bars but we are also at the top of two trading ranges which is a tough buy so bulls are exiting. […]
Emini bulls want strong entry bar today
Trading Update: Thursday April 14, 2022 Emini pre-open market analysis Emini daily chart The bulls got a strong bull close today and now have a second entry buy. The channel down from March 29 is tight, which increases the odds that the first reversal up will be minor. The bulls hope they can get a […]
Emini bulls trying to form wedge bull flag
Trading Update: Wednesday April 13, 2022 Emini pre-open market analysis Emini daily chart Emini bulls trying to form wedge bull flag with bears having bear close under the March 3 breakout point, confirming the gap closing. The bears now have two consecutive bear bars, both closing below their midpoints, so it is possible the bear […]
Emini likely bull close today and bears disappointed
Trading Update: Tuesday April 12, 2022 Emini pre-open market analysis Emini daily chart Emini likely bull close today despite bears closing gap from the March 3 breakout point, which increases the odds for more trading range price action. The bears had a big bear breakout bar yesterday. The bears will want to try and get […]
Emini bears trying to reach March 3 breakout point
Trading Update: Monday April 11, 2022 Emini pre-open market analysis Emini daily chart Friday closed as a bear doji bar just under 4,500. The March 3 breakout point is an obvious magnet below (4,405). It is close enough to 4,400 that the market will likely have to test both price levels soon, so the market […]