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\/08\/Emini-Weekly-3rd-Bull-Bar-DT-Bear-Flag-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a small bull bar with tails above and below. It closed below last week\u2019s high.<\/li>
- Last week, we said that odds slightly favor sideways to up to test the June 2 high and maybe the May 4 high. Traders will see if the bulls get the third consecutive bull bar, or if it trades higher but reverses to close as a bear bar instead.<\/li>
- This week traded slightly higher but did not reach June 2 high. The bulls got the third consecutive bull bar, but the small bull body indicates that the bulls are not as strong as they could have been.<\/li>
- The bulls got a reversal higher from a trend channel line overshoot, and a wedge bottom (Feb 24, May 20 and June 17). They want a continuation higher from a higher low major trend reversal.\u00a0<\/li>
- This is the first series of consecutive bull bars (follow-through buying) since March. There is a 4-bar bull micro channel, and the move up from June 17 low is in a tight channel.\u00a0<\/li>
- That means persistent buying. The move up is strong enough for traders to expect at least a small second leg sideways to up move.<\/li>
- The bears want the Emini to stall around the June 2 high. They want a reversal lower from a double top bear flag followed by a re-test of the June low.<\/li>
- The bears hope next week closes as a bear bar below the 20-week exponential moving average.<\/li>
- Since this week is a bull bar, it is not a strong sell signal bar for next week.<\/li>
- Traders are wondering if the current leg up will be like the 3 bull bars in March which is then followed by a strong leg down, forming the 3rd leg down of a larger wedge pattern.<\/li>
- The Emini is currently in a 13-week trading range. It is also in a broad bear channel.<\/li>
- The bulls need to create consecutive bull bars trading far above June 2 high to convince traders that a reversal higher may be underway.<\/li>
- If the Emini continues to stall around the June 2 high, or around the May 4 high, or the major bear trend line in the next few weeks, odds are sellers will return and attempt to re-test the June low.<\/li>
- For now, odds slightly favor at least a small second leg sideways to up after a small pullback.<\/li>
- However, if the bears start getting consecutive bear bars closing near their lows, the odds of a 3rd<\/sup> leg down forming a larger wedge pattern increase.<\/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\/08\/Emini-Daily-DT-Bear-Flag-Tight-Channel-Up-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The Emini traded sideways to up, stalling around the June 2 high area.<\/li>
- We have said that odds slightly favor sideways to up and traders will see if the bulls get sustained follow-through buying, something they have failed to do since March.<\/li>
- So far, the bulls have had good follow-through buying testing near June 2 high.<\/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>
- They want a test of the May 4 lower high, followed by a strong break of the major bear trend line.<\/li>
- The bulls want a continuation higher from a higher low major trend reversal after a pullback.<\/li>
- The move up since July 14 is in a tight bull channel. It increases the odds of at least a small second leg sideways to up after a pullback.<\/li>
- The bears want a reversal lower from a double top bear flag with June 2, or around the May 4 high or around the bear trend line.<\/li>
- They then want a break below the June low, followed by 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 bears will need to create consecutive bear bars closing near their lows to convince traders that a re-test of the June low may be underway.\u00a0<\/li>
- Since Friday was a bull bar with a small tail above, it is a weak sell signal bar for Monday.<\/li>
- The move up since July 14 is climactic. We may start to see some pullback within the next 1-3 weeks.<\/li>
- For now, the move up is strong enough for traders to expect at least a small second leg sideways to up after a 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\/08\/Emini-Weekly-3rd-Bull-Bar-DT-Bear-Flag.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a small bull bar with tails above and below. It closed below last week\u2019s high.<\/li>
- Last week, we said that odds slightly favor sideways to up to test the June 2 high and maybe the May 4 high. Traders will see if the bulls get the third consecutive bull bar, or if it trades higher but reverses to close as a bear bar instead.<\/li>
- This week traded slightly higher but did not reach June 2 high. The bulls got the third consecutive bull bar, but the small bull body indicates that the bulls are not as strong as they could have been.<\/li>
- The bulls got a reversal higher from a trend channel line overshoot, and a wedge bottom (Feb 24, May 20 and June 17). They want a continuation higher from a higher low major trend reversal.\u00a0<\/li>
- This is the first series of consecutive bull bars (follow-through buying) since March. There is a 4-bar bull micro channel, and the move up from June 17 low is in a tight channel.\u00a0<\/li>
- That means persistent buying. The move up is strong enough for traders to expect at least a small second leg sideways to up move.<\/li>
- The bears want the Emini to stall around the June 2 high. They want a reversal lower from a double top bear flag followed by a re-test of the June low.<\/li>
- The bears hope next week closes as a bear bar below the 20-week exponential moving average.<\/li>
- Since this week is a bull bar, it is not a strong sell signal bar for next week.<\/li>
- Traders are wondering if the current leg up will be like the 3 bull bars in March which is then followed by a strong leg down, forming the 3rd leg down of a larger wedge pattern.<\/li>
- The Emini is currently in a 13-week trading range. It is also in a broad bear channel.<\/li>
- The bulls need to create consecutive bull bars trading far above June 2 high to convince traders that a reversal higher may be underway.<\/li>
- If the Emini continues to stall around the June 2 high, or around the May 4 high, or the major bear trend line in the next few weeks, odds are sellers will return and attempt to re-test the June low.<\/li>
- For now, odds slightly favor at least a small second leg sideways to up after a small pullback.<\/li>
- However, if the bears start getting consecutive bear bars closing near their lows, the odds of a 3rd<\/sup> leg down forming a larger wedge pattern increase.<\/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 traded sideways to up, stalling around the June 2 high area.<\/li>
- We have said that odds slightly favor sideways to up and traders will see if the bulls get sustained follow-through buying, something they have failed to do since March.<\/li>
- So far, the bulls have had good follow-through buying testing near June 2 high.<\/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>
- They want a test of the May 4 lower high, followed by a strong break of the major bear trend line.<\/li>
- The bulls want a continuation higher from a higher low major trend reversal after a pullback.<\/li>
- The move up since July 14 is in a tight bull channel. It increases the odds of at least a small second leg sideways to up after a pullback.<\/li>
- The bears want a reversal lower from a double top bear flag with June 2, or around the May 4 high or around the bear trend line.<\/li>
- They then want a break below the June low, followed by 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 bears will need to create consecutive bear bars closing near their lows to convince traders that a re-test of the June low may be underway.\u00a0<\/li>
- Since Friday was a bull bar with a small tail above, it is a weak sell signal bar for Monday.<\/li>
- The move up since July 14 is climactic. We may start to see some pullback within the next 1-3 weeks.<\/li>
- For now, the move up is strong enough for traders to expect at least a small second leg sideways to up after a 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