Market Overview: DAX 40 Futures DAX futures moved lower last week with a DAX 40 bear channel near the February close and near the 200-week moving average (MA). The bears want a breakout below the February low down to a measured move target near October 2020. The bulls want a higher low major trend reversal, […]
Nifty 50 futures leg 1 = leg 2 inside broad bear channel
Market Overview: Nifty 50 Futures The Nifty 50 futures successfully had breakout of last week’s inside candle and support with a possible Leg 1 = Leg 2 inside broad bear channel on the weekly chart. A big bear bar closing near its low continued the broad bear channel. On the daily chart, the Nifty 50 is forming […]
Emini bears completely reversed bull breakout
Trading Update: Friday May 6, 2022 Emini pre-open market analysis Emini daily chart The bears completely reversed bull breakout bar (May 4 bull trend bar). However, the bears were unable to close the market on its low. Yesterday also has a big tail below it, increasing the odds of a possible inside day today. Bulls […]
Emini bulls likely follow-through after FOMC rally yesterday
Trading Update: Thursday May 5, 2022 Emini pre-open market analysis Emini daily chart The bulls got a strong bull breakout following FOMC report, with likely follow-through after FOMC rally yesterday, over the next several days. Yesterday was a surprise bull breakout, which means that the odds favor at least a second leg up and that […]
Emini bulls want strong breakout or consecutive trend bars
Trading Update: Wednesday May 4, 2022 Emini pre-open market analysis Emini daily chart Update: I forgot to mention today is an FOMC day. Traders should exit any intraday trade 1 hour before report is released. The bulls want a strong breakout or at least consecutive trend bars to make the market always in long and […]
Emini bulls want strong entry bar today
Trading Update: Tuesday May 3, 2022 Emini pre-open market analysis Emini daily chart The Emini broke below the February low yesterday and reversed up as a bull bar closing near its high. The bulls want a strong entry bar today, increasing the odds that the market reaches the April 18 low (4,364.5) and possibly higher. […]
Emini likely to reach February low this week
Trading Update: Monday May 2, 2022 Emini pre-open market analysis Emini daily chart Emini closed near its low last Friday, creating a strong bear close on the weekly chart The market is close enough and likely to reach February low (4,100.25) sometime this week. Bulls want to prevent the bears from reaching the February low […]
Emini monthly big bear bar testing 20-month EMA
The S&P 500 Emini futures has 4 consecutive bear bars closing near the low on the weekly chart, testing the February low. The bears need a couple of closes below the February low on the weekly chart to convince traders that a deeper correction may be underway. The bulls hope that this is simply a sell vacuum test of the trading range low.
The Monthly candlestick is forming the second leg down from the January top. The Emini is in a 9-month trading range. While odds slightly favor a test below February low, breakouts from trading ranges fail 50% of the time.
NASDAQ first monthly bear close below EMA since December 2018
Market Overview: NASDAQ 100 Emini Futures This week’s Nasdaq Emini candlestick is a big bear bar closing near its low below the prior low of the year – the week of 3/14 -and below Exponential Moving Average (EMA). The first monthly bear close below EMA since December 2018 – the first time in more than ten years […]
EURUSD Forex parabolic wedge & trend channel line overshoot
The EURUSD Forex broke below March 2020 low. The next target for the bears is the 7-year trading range low. The sell-off is in a tight channel which means strong bears.
The monthly and weekly candlestick overshoot the trend channel line this week. There is also a parabolic wedge on the chart. While lower price is slightly more likely, traders should be prepared for a 2 legged sideways to up pullback (bounce) which can begin at any moment.
