The S&P 500 Emini futures traded above last week’s high but reversed to close below last week’s low, closing as a big outside bear bar. There is now an OO (outside-outside pattern). The Emini is in breakout mode. The bar sometimes after an outside bar is an inside bar, forming an ioi (inside, outside, inside) pattern, which is also a breakout mode. Traders will be monitoring whether the bears get a consecutive bear bar or fail to do so. If the bears get it, the odds of a test of the June low increase.
Nifty 50 Futures Double Top
Market Overview: Nifty 50 Futures Nifty 50 futures double top on weekly chart with a strong bear bar closing near low. Still, the breakout gap is open which indicates some strength. Currently on the weekly chart, the market is near the trading range top so traders avoid buying this high. Nifty 50 on the daily […]
DAX 40 Wedge Bottom and Tight Trading Range
Market Overview: DAX 40 Futures DAX futures was a DAX 40 wedge bottom and a tight trading range, low in a large trading range. it could be a double bottom buy setup, but bearish enough for a second leg down next week. Bulls are looking to swing for a break higher and measured move up. […]
FTSE 100 Micro Double Top at 50-Week MA
Market Overview: FTSE 100 Futures The FTSE futures market was a FTSE 100 micro double top at the 50-week moving average. Traders expected a second leg after the consecutive big bear bars and are deciding if we just finished the second leg. The bulls are looking for a second buy signal, but it’s a bear bar, […]
Emini likely rally back to 4,000 big round number soon
Trading Update: Friday September 16, 2022 Emini pre-open market analysis Emini daily chart The bears have done an excellent job disappointing the bulls. However, the market is in a broad trading range, so the bears will probably be disappointed soon. Emini likely rally back to the 4,000 big round number soon. The reason is that […]
Emini bears want strong close follow-through
Trading Update: Thursday September 15, 2022 Emini pre-open market analysis Emini daily chart As expected, yesterday was a disappointment for the bears, confirming the market is still in a broad trading range on the daily chart. While the bears failed to get follow-through yesterday, they will try hard to get a strong close follow-through today. […]
Emini bears likely disappointed after yesterday’s impressive selloff
Trading Update: Wednesday September 14, 2022 Emini pre-open market analysis Emini daily chart Yesterday was a very impressive bear selloff, completely reversing the recent four consecutive bull trend bars. But bears likely disappointed after selloff today. The selloff from yesterday is a strong enough surprise that the market will likely have a second leg down. […]
Emini big selloff after CPI report
Trading Update: Tuesday September 13, 2022 Emini pre-open market analysis Emini daily chart Emini big selloff after bulls got a fourth consecutive bull bar, all closing near their highs. The rally was testing the August 24 low. Yesterday came within one tick of the August 24 low and turned down. The market will probably have […]
Emini likely to reach August 24 low soon
Trading Update: Monday September 12, 2022 Emini pre-open market analysis Emini daily chart The bulls have three consecutive bull bars, all closing near their highs. This is good for the bulls, and the market is currently Always In Long. The bulls want to close the August 24 breakout point low, and eventually, they want to […]
Bitcoin Lower Low Major Trend Reversal
Market Overview: Bitcoin Futures Bitcoin lower low attempting a major trend reversal. During the week, the price settled a new low of the year at $18360 and then reversed up. This behavior indicates that the bears are not strong: they are buying below lower lows; thus, numerous bears are considering closing their trades, which means […]
