S&P500 Emini futures<\/h2>\n\n\n\nThe Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"SP50](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/06\/Emini-Weekly-2nd-Leg-BO-below-May-Low-TCL-Overshoot-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a bear bar with a prominent tail below. It gapped down on Monday and closed below May low.<\/li>
- Last week, we said that odds slightly favor at least slightly lower prices, and the bears want another bear bar which will increase the odds of a breakout attempt below the May low, while bulls want a bull reversal bar even though the Emini may trade lower first.<\/li>
- The gap this week remained open which was a sign of strength from the bears.\u00a0<\/li>
- The bulls want a failed breakout below the May low.<\/li>
- They see a trend channel line overshoot, and a wedge bottom (Feb 24, May 20 and June 17).<\/li>
- However, since this week\u2019s candlestick had a big bear body, it is not a good buy signal bar for next week.<\/li>
- Bears want a continuation of the measured move down to 3600 or lower around 3450, based on the height of the 12-month trading range starting from May 2021.<\/li>
- This week\u2019s candlestick was a bear bar closing in the lower half of the range. It is a sell signal bar for next week.<\/li>
- There was only 1 bull bar in the last 11 weeks. That means persistent selling.<\/li>
- With the last 2 candlesticks closing near the low, odds continue to favor slightly lower prices.<\/li>
- However, the trend channel line overshoot increases the odds of a 2-legged sideways to up pullback beginning within 1 to 3 weeks.<\/li>
- The bulls will need at least a micro double bottom or a strong reversal bar before they would be willing to buy aggressively.<\/li>
- For now, odds slightly favor sideways to down for next week.<\/li>
- Bears want another bear bar closing near the low. Bulls on the other hand want next week to close near the high as a bull reversal bar with a long tail below even though the Emini may trade slightly lower first.<\/li><\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"SP50](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/06\/Emini-Daily-June-Tight-Channel-Down-TCL-Overshoot-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The Emini gapped down on Monday and traded sideways for several days. Wednesday traded slightly higher but failed to close the gap.<\/li>
- Thursday gapped down once again but closed with a prominent tail below. Friday was a bull doji overlapping Thursday\u2019s range.<\/li>
- Last week, we said that the bears will need to create consecutive bear bars closing near the low to increase the odds of a breakout below the May low.<\/li>
- If the Emini stalls around the May low and the bulls get a strong bull reversal bar or a micro double bottom, we may see bulls return for a double bottom major trend reversal higher.<\/li>
- The bears got the breakout below May low this week with follow-through selling.<\/li>
- Bears want a continuation of the measured move down to around 3600 based on the height of the 9-month trading range or lower around 3450 based on the height of the 12-month trading range starting with May 2021.<\/li>
- The bulls want a failed breakout below the May low. They will need to start creating consecutive bull bars closing near their highs to convince traders that a reversal higher may be underway.<\/li>
- The bulls want a reversal higher from a trend channel line overshoot and a wedge bottom (Feb 24, May 20 and June 17).<\/li>
- While there is a micro double bottom on Jun 16 and Jun 17, those are likely just sideways consolidation bars.<\/li>
- Since Friday was only a bull doji, it is a weak buy signal bar for Tuesday.<\/li>
- The problem with the bull\u2019s case is that the move down since June 9 is in a tight channel. It increases the odds that the bears will get at least a small second leg sideways to down after a slightly larger pullback.<\/li>
- The bulls will need to create a strong reversal bar following the trend channel line overshoot or a more credible micro double bottom.<\/li>
- For now, odds slightly favor sideways to down and at least a small second leg sideways to down after a slightly larger pullback.<\/li>
- However, because the selling is climactic with a trend channel line overshoot, traders should be prepared for at least a small 2-legged sideways to up pullback to begin within 1-3 weeks.<\/li><\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. Al talks about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"SP50](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/06\/Emini-Weekly-2nd-Leg-BO-below-May-Low-TCL-Overshoot.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a bear bar with a prominent tail below. It gapped down on Monday and closed below May low.<\/li>
- Last week, we said that odds slightly favor at least slightly lower prices, and the bears want another bear bar which will increase the odds of a breakout attempt below the May low, while bulls want a bull reversal bar even though the Emini may trade lower first.<\/li>
- The gap this week remained open which was a sign of strength from the bears.\u00a0<\/li>
- The bulls want a failed breakout below the May low.<\/li>
- They see a trend channel line overshoot, and a wedge bottom (Feb 24, May 20 and June 17).<\/li>
- However, since this week\u2019s candlestick had a big bear body, it is not a good buy signal bar for next week.<\/li>
- Bears want a continuation of the measured move down to 3600 or lower around 3450, based on the height of the 12-month trading range starting from May 2021.<\/li>
- This week\u2019s candlestick was a bear bar closing in the lower half of the range. It is a sell signal bar for next week.<\/li>
- There was only 1 bull bar in the last 11 weeks. That means persistent selling.<\/li>
- With the last 2 candlesticks closing near the low, odds continue to favor slightly lower prices.<\/li>
- However, the trend channel line overshoot increases the odds of a 2-legged sideways to up pullback beginning within 1 to 3 weeks.<\/li>
- The bulls will need at least a micro double bottom or a strong reversal bar before they would be willing to buy aggressively.<\/li>
- For now, odds slightly favor sideways to down for next week.<\/li>
- Bears want another bear bar closing near the low. Bulls on the other hand want next week to close near the high as a bull reversal bar with a long tail below even though the Emini may trade slightly lower first.<\/li><\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- The Emini gapped down on Monday and traded sideways for several days. Wednesday traded slightly higher but failed to close the gap.<\/li>
- Thursday gapped down once again but closed with a prominent tail below. Friday was a bull doji overlapping Thursday\u2019s range.<\/li>
- Last week, we said that the bears will need to create consecutive bear bars closing near the low to increase the odds of a breakout below the May low.<\/li>
- If the Emini stalls around the May low and the bulls get a strong bull reversal bar or a micro double bottom, we may see bulls return for a double bottom major trend reversal higher.<\/li>
- The bears got the breakout below May low this week with follow-through selling.<\/li>
- Bears want a continuation of the measured move down to around 3600 based on the height of the 9-month trading range or lower around 3450 based on the height of the 12-month trading range starting with May 2021.<\/li>
- The bulls want a failed breakout below the May low. They will need to start creating consecutive bull bars closing near their highs to convince traders that a reversal higher may be underway.<\/li>
- The bulls want a reversal higher from a trend channel line overshoot and a wedge bottom (Feb 24, May 20 and June 17).<\/li>
- While there is a micro double bottom on Jun 16 and Jun 17, those are likely just sideways consolidation bars.<\/li>
- Since Friday was only a bull doji, it is a weak buy signal bar for Tuesday.<\/li>
- The problem with the bull\u2019s case is that the move down since June 9 is in a tight channel. It increases the odds that the bears will get at least a small second leg sideways to down after a slightly larger pullback.<\/li>
- The bulls will need to create a strong reversal bar following the trend channel line overshoot or a more credible micro double bottom.<\/li>
- For now, odds slightly favor sideways to down and at least a small second leg sideways to down after a slightly larger pullback.<\/li>
- However, because the selling is climactic with a trend channel line overshoot, traders should be prepared for at least a small 2-legged sideways to up pullback to begin within 1-3 weeks.<\/li><\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. Al talks about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n