The EURUSD Forex had consecutive bear bars below the 7-year trading range which confirmed the breakout. Bears want a measured move down based on the height of the 7-year trading range which will take them to the year 2000 low. While odds favor lower prices, the trend channel line overshoot and the wedge bottom increase the odds of at least a small sideways to up pullback beginning within 1 to 3 weeks before the EURUSD continue lower.
Emini failed breakout below inside bar on weekly chart
The S&P 500 Emini futures broke below the prior week’s bull inside bar but reversed to close near the high. It is likely a failed breakout from the i pattern. Bulls want a reversal higher from a wedge bottom and a trend channel line overshoot. They want at least another leg higher from a higher low major trend reversal. The bulls will need to create consecutive bull bars closing far above the June 28 high to increase the odds of a test of the June 2 high.
Nifty 50 futures nested channel
Market Overview: Nifty 50 Futures The Nifty 50 on weekly chart gave a bear doji bar which is also an inside bar. Weekly chart forming a broad bear channel and a Nifty 50 futures nested channel, near to top of channel so bears would be looking to short. Nifty 50 on daily chart is in a broad […]
DAX bear inside bar at 13000
Market Overview: DAX 40 Futures DAX futures was a Dax bear inside bar at the 13000 big round number. Although the bear trend is still in effect we have been going sideways for a few weeks now. The bulls are starting to get daily consecutive bull bars so we might see a break next week. […]
FTSE 100 third bear doji, micro double bottom at 7000
Market Overview: FTSE 100 Futures The FTSE futures market gave us a third bear doji last week. It moved only slightly lower last week with the possible micro double bottom on the weekly chart. Although in control, the bears were not able to get below 7000 for 2 weeks in a row so we might need […]
Emini bulls need strong entry bar today
Trading Update: Friday July 15, 2022 Emini pre-open market analysis Emini daily chart The Emini reversed yesterday and closed on its high after falling below the June 30 low. The bulls need strong entry bar today, which will increase the odds of higher prices. The bulls have a double bottom higher low major trend reversal, […]
Emini bears want breakout below double top neckline
Trading Update: Thursday July 14, 2022 Emini pre-open market analysis Emini daily chart The bears want a breakout below the June 30 breakout double top neckline (June 28 and July 8 high). Next, the bears would want a measured move down below the June 17 low. Bulls still want a double bottom high low major […]
Emini bulls want double bottom higher low major trend reversal
Trading Update: Wednesday July 13, 2022 Emini pre-open market analysis Emini daily chart The bulls are hopeful the market will form a double bottom higher low major trend reversal with the June 30 low. The bulls had a higher low major trend reversal on June 30th. However, the bulls may need a double bottom higher […]
Emini bulls want second leg up testing June 28 high
Trading Update: Tuesday July 12, 2022 Emini pre-open market analysis Emini daily chart The bears ended the six consecutive bull bar streak yesterday by getting a bear bar. While the odds favor the bulls getting a second leg up after six bull bars, the rally up to July 8th is not as strong as the […]
Emini bears want close below open today or tomorrow
Trading Update: Monday July 11, 2022 Emini pre-open market analysis Emini daily chart The Emini has six consecutive bull bars on the daily chart. While this is good for the bulls and a sign of strength, six consecutive bars are not common. This increases the odds that bears want close below open today or tomorrow, […]
