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-4th-Bull-Bar-Tight-bull-channel-Wedge-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a bull bar closing near the high with a long tail below.<\/li>
- Last week, we said that odds slightly favor at least a small second leg sideways to up after a small pullback.\u00a0<\/li>
- This week traded higher towards the May 4 high and the major bear trend line. This is the 4th<\/sup> consecutive bull bar now, the first time in 2022.<\/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 second leg sideways to up after a pullback.<\/li>
- This is the first series of consecutive bull bars (follow-through buying) since March. There is a 5-bar bull micro channel, and the move up from June 17 low is in a tight channel. That means persistent buying.\u00a0<\/li>
- The next targets for the bulls are the May 4 high and the major bear trend line.<\/li>
- The bulls will need to close far above the bear trend line to increase the odds of a re-test of the all-time high.<\/li>
- The consecutive bull bars closing near their highs are increasing the odds that the bear trend has ended, and the Emini may be turning into a trading range.<\/li>
- The bears want the Emini to stall around the May 4 high, or the major bear trend line. They want a reversal lower from a lower high followed by a re-test of the June low.<\/li>
- They see the current rally as a deep pullback in a broad bear channel. The bears see a wedge bear flag (June 28, July 29 and Aug 13), but the move up is in a tight bull channel.<\/li>
- Because of the strong move up, the bears will need at least a micro double top or a strong reversal bar before they would be willing to sell aggressively.<\/li>
- Since this week was a strong bull bar, it is a weak sell signal bar for next week. It is a good buy signal bar for next week.<\/li>
- Next week may gap up at the open, however, small gaps usually close early.<\/li>
- The May 4 high and the major bear trend line is close enough that it may act as a magnet. The Emini may need to test it first before we see some profit taking (pullback).<\/li>
- The move up is strong enough for traders to expect at least a small second leg sideways to up move after a pullback.<\/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-1-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The Emini pulled back slightly earlier in the week but gapped up to close above June 2 high on Wednesday. Thursday was a bear reversal bar, but Friday reversed to close near May 4 high.<\/li>
- Last week, we said that the move up is strong enough for traders to expect at least a small second leg sideways to up after a pullback. The move up since July 14 is climactic. We may start to see some pullback within the next 1-3 weeks.<\/li>
- So far, the bulls continue to have good buying pressure, while the bear bars are becoming smaller with poor follow-through since July 14.<\/li>
- The bulls got 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 then want a continuation higher from a higher low major trend reversal after a pullback.\u00a0<\/li>
- Friday was a bull bar closing near the high. The Emini may gap up on Monday. Small gaps usually close early.<\/li>
- If the gap remains open but gaps down after a few days, it may then form an island top following a wedge pattern at resistance (bear trend line). However, an island top is a minor reversal pattern.<\/li>
- The bears want a reversal lower from around the May 4 high or around the bear trend line. They then want to re-test the June low, followed by a breakout and measured move down.<\/li>
- There is a wedge pattern (July 22, Aug 3 and Aug 12) since the rally on July 14. However, the move up is in a tight bull channel.\u00a0<\/li>
- That means strong bulls. The bears will need at least a micro double top or a strong reversal bar before they would be willing to sell aggressively.\u00a0<\/li>
- We have said that the move up is climactic. We may start to see some pullback within the next couple of weeks. This remains true.<\/li>
- However, 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>
- For now, odds slightly favor a test of the May 4 high and the bear trend line.<\/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-4th-Bull-Bar-Tight-bull-channel-Wedge.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a>\u00a0was a bull bar closing near the high with a long tail below.<\/li>
- Last week, we said that odds slightly favor at least a small second leg sideways to up after a small pullback.\u00a0<\/li>
- This week traded higher towards the May 4 high and the major bear trend line. This is the 4th<\/sup> consecutive bull bar now, the first time in 2022.<\/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 second leg sideways to up after a pullback.<\/li>
- This is the first series of consecutive bull bars (follow-through buying) since March. There is a 5-bar bull micro channel, and the move up from June 17 low is in a tight channel. That means persistent buying.\u00a0<\/li>
- The next targets for the bulls are the May 4 high and the major bear trend line.<\/li>
- The bulls will need to close far above the bear trend line to increase the odds of a re-test of the all-time high.<\/li>
- The consecutive bull bars closing near their highs are increasing the odds that the bear trend has ended, and the Emini may be turning into a trading range.<\/li>
- The bears want the Emini to stall around the May 4 high, or the major bear trend line. They want a reversal lower from a lower high followed by a re-test of the June low.<\/li>
- They see the current rally as a deep pullback in a broad bear channel. The bears see a wedge bear flag (June 28, July 29 and Aug 13), but the move up is in a tight bull channel.<\/li>
- Because of the strong move up, the bears will need at least a micro double top or a strong reversal bar before they would be willing to sell aggressively.<\/li>
- Since this week was a strong bull bar, it is a weak sell signal bar for next week. It is a good buy signal bar for next week.<\/li>
- Next week may gap up at the open, however, small gaps usually close early.<\/li>
- The May 4 high and the major bear trend line is close enough that it may act as a magnet. The Emini may need to test it first before we see some profit taking (pullback).<\/li>
- The move up is strong enough for traders to expect at least a small second leg sideways to up move after a pullback.<\/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 pulled back slightly earlier in the week but gapped up to close above June 2 high on Wednesday. Thursday was a bear reversal bar, but Friday reversed to close near May 4 high.<\/li>
- Last week, we said that the move up is strong enough for traders to expect at least a small second leg sideways to up after a pullback. The move up since July 14 is climactic. We may start to see some pullback within the next 1-3 weeks.<\/li>
- So far, the bulls continue to have good buying pressure, while the bear bars are becoming smaller with poor follow-through since July 14.<\/li>
- The bulls got 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 then want a continuation higher from a higher low major trend reversal after a pullback.\u00a0<\/li>
- Friday was a bull bar closing near the high. The Emini may gap up on Monday. Small gaps usually close early.<\/li>
- If the gap remains open but gaps down after a few days, it may then form an island top following a wedge pattern at resistance (bear trend line). However, an island top is a minor reversal pattern.<\/li>
- The bears want a reversal lower from around the May 4 high or around the bear trend line. They then want to re-test the June low, followed by a breakout and measured move down.<\/li>
- There is a wedge pattern (July 22, Aug 3 and Aug 12) since the rally on July 14. However, the move up is in a tight bull channel.\u00a0<\/li>
- That means strong bulls. The bears will need at least a micro double top or a strong reversal bar before they would be willing to sell aggressively.\u00a0<\/li>
- We have said that the move up is climactic. We may start to see some pullback within the next couple of weeks. This remains true.<\/li>
- However, 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>
- For now, odds slightly favor a test of the May 4 high and the bear trend line.<\/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