Market Overview: Nifty 50 Futures Nifty 50 futures consecutive bear bars formed on weekly chart closing near their lows, and also near measured move target shown in the weekly chart below. Nifty 50 on the daily chart forming micro double bottom just above March month low and also making a wedge bottom so possible reversal expected. […]
Emini likely bounce for a day or two
Trading Update: Friday May 13, 2022 Emini pre-open market analysis Emini daily chart The Emini yesterday closed as a bull reversal bar with a big tail above. While the signal bar looks weak, the context is good for at least an Emini likely bounce for a day or two. Yesterday reached a 19% correction on […]
Emini closed below March 2021 gap on monthly chart
Trading Update: Thursday May 12, 2022 Emini pre-open market analysis Emini daily chart The market closed below the March 2021 high, which was a gap on monthly chart. Bears have three consecutive bear bars, which is a sign of strong selling. The market has a 6-bar bear micro channel which is another sign of strength. […]
Emini testing March 2021 gap
Trading Update: Wednesday May 11, 2022 Emini pre-open market analysis Emini daily chart Emini testing March 2021 gap on the daily chart yesterday. The bears want to close below the gap as well as the March 17, 2021, breakout point, which would demonstrate the strength of the bears. The bears closed below the three-month […]
Emini close below 4,000 for first time in over a year
Trading Update: Tuesday May 10, 2022 Emini pre-open market analysis Emini daily chart Emini close below 4,000 for the first time in over a year. Bears hope this will lead to a successful bear breakout and measured move down from the February – March trading range, which would test the 3,600-price level. The market has […]
Emini market testing May 2 low
Trading Update: Monday May 9, 2022 Emini pre-open market analysis Emini daily chart Friday closed as a doji bar with a small bull body around the May 2 low. Emini market testing May 2 low and bulls hope the market is forming a double bottom, which will lead to a test of the May 4 […]
Emini weak breakout below trading range
The S&P 500 Emini futures had a weak breakout below February low. Bears hope this is simply a breakout pullback and wants a strong breakout and a measured move down. Bulls want a reversal higher from the bottom of the 9-month trading range. They see a wedge bull flag and a lower low major trend reversal setup.
However, the sell-off from March 29 has been strong. Odds are, a pullback (bounce) from here would be minor and traders expect at least a small second leg sideways to down after a slightly larger pullback.
NASDAQ 5th successive weekly bear close
Market Overview: NASDAQ 100 Emini Futures The Nasdaq Emini futures is in a strong bear leg. This is the 5th consecutive bear bar and successive weekly bear close below the prior March low. At the same time, bulls who bought the low of March made money selling near the monthly exponential moving average (EMA). The week started […]
EURUSD potential final flag & 2017 low magnet below
The EURUSD Forex sell-off is strong and in a tight bear channel. Bears want a test of 2017 low and a strong breakout below. Because of the strong selling pressure, odds slightly favor sideways to down.
However, because of the 1) oversold conditions, 2) trend channel line overshoot and 3) parabolic wedge and 4) potential final flag, traders should be prepared for a 2-legged pullback (bounce) which can begin at any moment.
FTSE 4th bear bar pausing at 20-week MA
Market Overview: FTSE 100 Futures The FTSE futures market had a 4th bear bar pausing at the 20-week moving average (MA). We are moving down from a wedge reversal at the top of a trading range. Traders are deciding if we will get a measured move down to the March lows or get a second leg […]
