S&P500 Emini futures<\/h2>\n\n\n\nThe Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"SP500](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/06\/Emini-Weekly-Pullback-Following-TCL-Overshoot-Wedge-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a bull bar closing near the high. It closed the gap from last week.<\/li>
- Last week, we said that odds slightly favor sideways to down for the week. The bears want another bear bar closing near the low, while for the bulls a bull reversal bar closing near the high, with a long tail below – even though the Emini may trade slightly lower first.<\/li>
- This week gapped higher at the open and continued to trade higher for the rest of the week.<\/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>
- Since this week was a bull bar closing near the high, it is a good buy signal bar for next week. It may even gap up on Monday, but small gaps usually close early.<\/li>
- The bulls need to create a consecutive bull bar next week to convince traders that a reversal higher may be underway.<\/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>
- However, they failed to get follow-through selling following last week\u2019s breakout below May low.<\/li>
- They hope that the current pullback will stall around or below the June 2 high, or the bear trend line and reverse lower from a double top bear flag.<\/li>
- This week\u2019s candlestick is a weak sell signal bar. Odds are they will be buyers below.<\/li>
- We have said that the trend channel line overshoot increases the odds of a 2-legged sideways to up pullback beginning within 1 to 3 weeks. The pullback phase may have begun this week.<\/li>
- With this week closing near the high, the odds are next week should trade at least slightly higher.<\/li>
- Traders will be monitoring if the bulls get a consecutive bull bar (follow-through buying), something they have failed to do since April.<\/li>
- If the bulls get that, the odds of a test of the June 2 high and the 20-week exponential moving average increases.<\/li><\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"SP500](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/06\/Emini-Daily-Pullback-Following-TCL-Overshoot-Micro-DB-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The Emini gapped up on Monday and continue to trade higher with 4 consecutive bull bars for the rest of the week closing near the week\u2019s high.<\/li>
- Last week, we said that 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 to 3 weeks.<\/li>
- This week traded higher for the whole week. The pullback phase may have begun.<\/li>
- The bulls want a failed breakout below the May low.\u00a0<\/li>
- They want a reversal higher from a micro double bottom following a trend channel line overshoot and a wedge bottom (Feb 24, May 20 and June 17).<\/li>
- This week\u2019s move up was strong enough for traders to expect at least a small second leg sideways to up.<\/li>
- The next targets for the bulls are the 20-day exponential moving average, the bear trend line and the June 2 high.<\/li>
- The bulls need to trade far above the June 2 high to convince traders that the correction since January may be ending.<\/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>
- However, they were not able to create sustained follow-through selling below May low.<\/li>
- Bears hope that this week was simply another pullback and wants the Emini to stall at one of the resistances above.<\/li>
- If the Emini trades higher, but stalls around the 20-day exponential moving average, the bear trend line or the June 2 high, odds are the bears will return to sell the double top bear flag for a retest of the low.<\/li>
- For now, odds slightly favor sideways to up for next week. The move up is strong enough for traders to expect at least a small second leg sideways to up after a slight pullback.<\/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
![\"SP500](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/06\/Emini-Weekly-Pullback-Following-TCL-Overshoot-Wedge.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a bull bar closing near the high. It closed the gap from last week.<\/li>
- Last week, we said that odds slightly favor sideways to down for the week. The bears want another bear bar closing near the low, while for the bulls a bull reversal bar closing near the high, with a long tail below – even though the Emini may trade slightly lower first.<\/li>
- This week gapped higher at the open and continued to trade higher for the rest of the week.<\/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>
- Since this week was a bull bar closing near the high, it is a good buy signal bar for next week. It may even gap up on Monday, but small gaps usually close early.<\/li>
- The bulls need to create a consecutive bull bar next week to convince traders that a reversal higher may be underway.<\/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>
- However, they failed to get follow-through selling following last week\u2019s breakout below May low.<\/li>
- They hope that the current pullback will stall around or below the June 2 high, or the bear trend line and reverse lower from a double top bear flag.<\/li>
- This week\u2019s candlestick is a weak sell signal bar. Odds are they will be buyers below.<\/li>
- We have said that the trend channel line overshoot increases the odds of a 2-legged sideways to up pullback beginning within 1 to 3 weeks. The pullback phase may have begun this week.<\/li>
- With this week closing near the high, the odds are next week should trade at least slightly higher.<\/li>
- Traders will be monitoring if the bulls get a consecutive bull bar (follow-through buying), something they have failed to do since April.<\/li>
- If the bulls get that, the odds of a test of the June 2 high and the 20-week exponential moving average increases.<\/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 up on Monday and continue to trade higher with 4 consecutive bull bars for the rest of the week closing near the week\u2019s high.<\/li>
- Last week, we said that 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 to 3 weeks.<\/li>
- This week traded higher for the whole week. The pullback phase may have begun.<\/li>
- The bulls want a failed breakout below the May low.\u00a0<\/li>
- They want a reversal higher from a micro double bottom following a trend channel line overshoot and a wedge bottom (Feb 24, May 20 and June 17).<\/li>
- This week\u2019s move up was strong enough for traders to expect at least a small second leg sideways to up.<\/li>
- The next targets for the bulls are the 20-day exponential moving average, the bear trend line and the June 2 high.<\/li>
- The bulls need to trade far above the June 2 high to convince traders that the correction since January may be ending.<\/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>
- However, they were not able to create sustained follow-through selling below May low.<\/li>
- Bears hope that this week was simply another pullback and wants the Emini to stall at one of the resistances above.<\/li>
- If the Emini trades higher, but stalls around the 20-day exponential moving average, the bear trend line or the June 2 high, odds are the bears will return to sell the double top bear flag for a retest of the low.<\/li>
- For now, odds slightly favor sideways to up for next week. The move up is strong enough for traders to expect at least a small second leg sideways to up after a slight pullback.<\/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