S&P500 Emini futures<\/h2>\n\n\n\nThe Monthly<\/em> Emini chart<\/h3>\n\n\n\n![\"Sp500](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/Emini-Monthly-Sept-Big-Bear-Bar-Closing-below-June-Low-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The Sept monthly Emini candlestick<\/a> was a big bear bar closing near the low below June low.<\/li>
- Last month, we said that odds slightly favor sideways to down and if the bears get another bear bar closing near the low, the odds of the 3rd<\/sup> leg down of a larger wedge pattern increase.<\/li>
- The bulls want a reversal higher from a lower low major trend reversal with the June low. <\/li>
- They failed to create follow-through buying in August.<\/li>
- They see the current move simply as a retest of the June low. <\/li>
- However, because September is a big bear bar closing near the low, it is a weak buy signal bar for October.<\/li>
- The bears want a 3rd<\/sup> leg down forming a larger wedge pattern. <\/li>
- They want a continuation of the measured move down to 3450 based on the height of the 12-month trading range starting from May 2021.<\/li>
- Earlier, we said that the first targets for the bears are the July inside bar low, and then a retest of the June low. They reached both in September.<\/li>
- Since September was a big bear bar closing near the low, odds are October would likely trade at least slightly lower.<\/li>
- The Emini may gap down at the open on Monday. Small gaps usually close early.<\/li>
- There are now 2 consecutive closes below the 20-month exponential moving average, something that has not happened since February 2016.<\/li>
- For now, odds slightly favor that the Emini will trade at least slightly below October low. Bears want another big bear bar closing near the low. <\/li>
- Three consecutive bear bars have not happened since 2011 on the Monthly chart. It could represent a change in the character of the market.<\/li>
- Bulls want October to close with a bull body even though the Emini may trade slightly lower first.<\/li><\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"SP500](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/Emini-Weekly-Breakout-below-June-Low-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a> was a bear bar closing bear the low below June low.<\/li>
- Last week, we said that odds slightly favor sideways to down and the June low was close enough to be a magnet below.<\/li>
- The bears got follow-through selling following last week\u2019s breakout below the OO pattern (outside-outside).<\/li>
- The bears got a reversal lower from around the 20-week exponential moving average in September.<\/li>
- They want a strong leg down like the one in April. The bears will need to create consecutive bear bars closing near their lows, to increase the odds of a retest of the June low. They got what they wanted.<\/li>
- The selloff from August was in a tight bear channel. That means strong bears.<\/li>
- The bears want a breakout and a measured move down to around 3450 based on the height of the 12-month trading range starting from May 2021.<\/li>
- If the Emini trades higher, the bears want a reversal lower from a lower high around the bear trend line or the 20-week exponential moving average again.<\/li>
- The bulls want a reversal higher from a double bottom major trend reversal with the June low.<\/li>
- They will need to create consecutive bull bars closing near their highs to convince traders that a reversal may be underway and prevent a strong breakout below the June low.<\/li>
- Because of the strong selloff, the bulls will need a strong reversal bar or at least a micro double bottom before they would be willing to buy aggressively.<\/li>
- We said that the problem with the bull\u2019s case was that the recent selloff was very strong. The sideways to up leg may only lead to a lower high. <\/li>
- Since this week was a bear bar closing near the low, it is a good sell signal bar for next week. <\/li>
- Next week may gap down at the open. Small gaps usually close early.<\/li>
- For now, odds slightly favor sideways to down. Traders will be monitoring whether the bears get a follow-through bar following this week\u2019s breakout below June low or if next week closes with a bull body instead.<\/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\/10\/Emini-Monthly-Sept-Big-Bear-Bar-Closing-below-June-Low.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The Sept monthly Emini candlestick<\/a> was a big bear bar closing near the low below June low.<\/li>
- Last month, we said that odds slightly favor sideways to down and if the bears get another bear bar closing near the low, the odds of the 3rd<\/sup> leg down of a larger wedge pattern increase.<\/li>
- The bulls want a reversal higher from a lower low major trend reversal with the June low. <\/li>
- They failed to create follow-through buying in August.<\/li>
- They see the current move simply as a retest of the June low. <\/li>
- However, because September is a big bear bar closing near the low, it is a weak buy signal bar for October.<\/li>
- The bears want a 3rd<\/sup> leg down forming a larger wedge pattern. <\/li>
- They want a continuation of the measured move down to 3450 based on the height of the 12-month trading range starting from May 2021.<\/li>
- Earlier, we said that the first targets for the bears are the July inside bar low, and then a retest of the June low. They reached both in September.<\/li>
- Since September was a big bear bar closing near the low, odds are October would likely trade at least slightly lower.<\/li>
- The Emini may gap down at the open on Monday. Small gaps usually close early.<\/li>
- There are now 2 consecutive closes below the 20-month exponential moving average, something that has not happened since February 2016.<\/li>
- For now, odds slightly favor that the Emini will trade at least slightly below October low. Bears want another big bear bar closing near the low. <\/li>
- Three consecutive bear bars have not happened since 2011 on the Monthly chart. It could represent a change in the character of the market.<\/li>
- Bulls want October to close with a bull body even though the Emini may trade slightly lower first.<\/li><\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- This week\u2019s Emini candlestick<\/a> was a bear bar closing bear the low below June low.<\/li>
- Last week, we said that odds slightly favor sideways to down and the June low was close enough to be a magnet below.<\/li>
- The bears got follow-through selling following last week\u2019s breakout below the OO pattern (outside-outside).<\/li>
- The bears got a reversal lower from around the 20-week exponential moving average in September.<\/li>
- They want a strong leg down like the one in April. The bears will need to create consecutive bear bars closing near their lows, to increase the odds of a retest of the June low. They got what they wanted.<\/li>
- The selloff from August was in a tight bear channel. That means strong bears.<\/li>
- The bears want a breakout and a measured move down to around 3450 based on the height of the 12-month trading range starting from May 2021.<\/li>
- If the Emini trades higher, the bears want a reversal lower from a lower high around the bear trend line or the 20-week exponential moving average again.<\/li>
- The bulls want a reversal higher from a double bottom major trend reversal with the June low.<\/li>
- They will need to create consecutive bull bars closing near their highs to convince traders that a reversal may be underway and prevent a strong breakout below the June low.<\/li>
- Because of the strong selloff, the bulls will need a strong reversal bar or at least a micro double bottom before they would be willing to buy aggressively.<\/li>
- We said that the problem with the bull\u2019s case was that the recent selloff was very strong. The sideways to up leg may only lead to a lower high. <\/li>
- Since this week was a bear bar closing near the low, it is a good sell signal bar for next week. <\/li>
- Next week may gap down at the open. Small gaps usually close early.<\/li>
- For now, odds slightly favor sideways to down. Traders will be monitoring whether the bears get a follow-through bar following this week\u2019s breakout below June low or if next week closes with a bull body instead.<\/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
- Last month, we said that odds slightly favor sideways to down and if the bears get another bear bar closing near the low, the odds of the 3rd<\/sup> leg down of a larger wedge pattern increase.<\/li>