The S&P 500 Emini futures weekly candlestick was a bull inside bar closing near the high. Bears failed to create follow-through selling this week. Bulls want a consecutive bull bar next week, something they have failed to do since April. They want a reversal higher from a trend channel line overshoot and a wedge bottom (Feb 24, May 20 and June 17). Since this week was an inside bar, the Emini is in breakout mode. The bear trend line remains a resistance above.
Emini June bear bar with long tail below, TCL overshoot
The S&P 500 Emini futures June monthly candlestick was a bear bar with a long tail below. It also overshot the trend channel line. Bears want a measured move down to 3600 based on the height of the 9-month trading range height or lower around 3450, based on the height of the 12-month trading range starting from May 2021. The bulls from the January top as a two-legged pullback. They want a reversal higher from a wedge bull flag (February 24, May 20 and June 17) and a trend channel line overshoot.
EURUSD June monthly candlestick was inside bear bar
The EURUSD Forex market is in a 10-week trading range. Bears want a breakout below the 2017 low followed by a measured move down based on the height of the 7-year trading range height. Bulls want a reversal higher from a wedge bottom and a double bottom from the 7-year trading range low. Traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction.
EURUSD sideways trading range for 9 weeks
The EURUSD Forex is in a 9-weeks sideways trading range. The bulls want a reversal from a double bottom (May 13 and Jun 15) following a trend channel line overshoot and a wedge bottom (Aug 20, Nov 24 and May 13). They need to create follow-through buying next week to convince traders that a reversal higher may be underway. The bears want the EURUSD to stall around or below the May 20 high, the bear trend line, or the 20-week exponential moving average and a re-test of the low.
Emini reversed higher from trend channel line overshoot
The S&P 500 Emini futures reversed higher from a trend channel line overshoot and a wedge bottom. The bears failed to create follow-through selling below May low on the weekly chart. The bulls want a reversal higher from a trend channel line overshoot and a wedge bottom. The bulls will need to create follow-through buying next week to convince traders that a reversal higher may be underway.
EURUSD weak bear follow-through retesting low
The EURUSD Forex re-tested the low and the bears got a weak follow-through bar on the weekly chart. The bears want a breakout below the May low followed by a measured move down based on the height of the 7-year trading range. The bulls want a reversal higher from a double bottom major trend reversal following the trend channel line overshoot and wedge bottom.
Emini breakout below May, trend channel line overshoot
The S&P 500 Emini futures gapped down and broke below the May low. Bears want a continuation to measured moves below around 3600 and 3450. While the bulls have a trend channel line overshoot, they need at least a micro double bottom or a strong bull reversal bar before they would be willing to buy aggressively.
EURUSD second leg sideways to down
The EURUSD Forex stalled around the April low which was the last breakout point. The bears are now getting the second leg sideways to down that they were expecting. The bulls hope the sell-off this week was simply a sell vacuum test of the low. Odds slightly favor sideways to down next week. Bears want a follow-through bear bar while the bulls want a bull bar even though the EURUSD may trade lower first.
Emini sell vacuum retest of 5/20 low
The S&P 500 Emini futures stalled around the Feb/March low and the bulls failed to get follow-through buying. The bears got the second leg sideways to down they were expecting. Odds favor at least slightly lower prices next week. As strong as the sell-off is, it could simply be a sell vacuum test of the 5 weeks trading range low. If there is a breakout, odds slightly favor a downside breakout more.
Emini possible failed breakout below trading range?
The S&P 500 Emini futures May candlestick closed as a doji bar. The bears failed to get a follow-through bear bar. Bulls see the move down from the January high as a 2 legged pullback and a wedge bull flag (January 24, February 24 and May 20). Bulls will need to close June as a strong bull bar near the high to increase the odds of a failed breakout below the trading range.
