S&P500 Emini futures<\/h2>\n\n\n\nThe Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/Emini-Weekly-No-Bull-FT-Bar-Thanksgiving-Week-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s Emini candlestick<\/a> was a bear doji with tails above and below.<\/li>\n\n\n\n
- Last week, we said the odds slightly favor the Emini to trade at least a little higher. Traders will see if the bulls can get a follow-through bull bar. <\/li>\n\n\n\n
- While this week traded above last week\u2019s high, the Emini reversed to close below it. The bulls did not get a bull follow-through bar.<\/li>\n\n\n\n
- The bulls got a reversal higher from a wedge bottom (Feb 24, June 17 and Oct 13) with a nested wedge (Sept 6, Sept 30 and Oct 13).<\/li>\n\n\n\n
- They then got a second leg sideways to up from a higher low major trend reversal (Nov 3).<\/li>\n\n\n\n
- While the move up from October low is in a tight bull channel, there is a lot of overlapping price action. <\/li>\n\n\n\n
- That means the bulls are not as strong as they would like to be.<\/li>\n\n\n\n
- The problem with the bull\u2019s case is that the selloff from August was very strong. The sideways to up leg may lead to a lower high. For now, this remains true.<\/li>\n\n\n\n
- The bulls need to create strong consecutive bull bars closing near their highs breaking far above the major bear trend line to signal the end of the correction.<\/li>\n\n\n\n
- The bears got a tight bear channel down testing the June low but failed to get follow-through selling.<\/li>\n\n\n\n
- The bears hope that the current pullback is simply forming a wedge bear flag (Oct 5, Oct 28, and Nov 15) or a double top bear flag (Sept 12) and a lower high.<\/li>\n\n\n\n
- Next week, they will need to create a strong follow-through bear bar to increase the odds of lower prices.<\/li>\n\n\n\n
- They want a retest of the October low followed by a strong breakout and a measured move down to around 3450 or the 3400 Big Round Number which is also 2020 high.<\/li>\n\n\n\n
- Bears see the selloff from January as a broad bear channel. The major bear trend line remains as resistance above.<\/li>\n\n\n\n
- Since this week was a bear doji, it is a weaker sell signal bar.<\/li>\n\n\n\n
- Next week is a shortened trading week due to the Thanksgiving holiday. This slightly increases the odds of more sideways trading.<\/li>\n\n\n\n
- Unless the bears get a surprising big bear spike with subsequent follow-through selling like in August, odds slightly favor at least a small second leg sideways to up after a pullback.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/Emini-Daily-Weak-FT-Wedge-Bear-Flag-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The Emini traded higher on Monday and Tuesday but both days closed as bear bars. Thursday broke below Wednesday’s inside bar but reversed into a bull bar. Friday opened higher but closed as a bear bar with a long tail below. <\/li>\n\n\n\n
- Last week, we said that the odds slightly favor sideways to up.<\/li>\n\n\n\n
- While this week traded above last week\u2019s high, it was mostly sideways to slightly down.<\/li>\n\n\n\n
- Bulls see the strong selloff from August simply as a sell vacuum testing June low within a broad bear channel. A broad bear channel is almost a trading range that is tilted down.<\/li>\n\n\n\n
- They got a reversal higher from a lower low major trend reversal with the June low, a wedge bull flag (Feb 24, June 17, and Oct 13) and a nested wedge (Sept 6, Sept 30 and Oct 13).<\/li>\n\n\n\n
- They then got the second leg sideways to up from a higher low major trend reversal (Nov 3).<\/li>\n\n\n\n
- This week, the bulls did not get strong follow-through buying. They see this week as a breakout test of the October high.<\/li>\n\n\n\n
- The problem with the bull\u2019s case is that the selloff from August 16 was very strong. Sideways to up pullbacks may lead to a lower high. For now, this remains true.<\/li>\n\n\n\n
- The bulls need to create consecutive bull bars closing near their highs (strong spike up) and trading far above the major bear trend line, to convince traders that a reversal higher is underway.<\/li>\n\n\n\n
- The next targets for the bulls are the September 12 high and the major bear trend line.<\/li>\n\n\n\n
- The bears want a strong breakout below the October low followed by a measured move down to 3450 or slightly lower around the 3400 big round number which is also the 2020 high.<\/li>\n\n\n\n
- They see the current move as a developing wedge bear flag (Oct 5 or 18, Nov 1 and Nov 11) and a double top bear flag with the September 12 high.<\/li>\n\n\n\n
- The bears see the selloff from January as a broad bear channel. If the Emini trades higher, the bears want a reversal from a lower high around the major bear trend line.<\/li>\n\n\n\n
- Since Friday was a bear bar with a long tail below, it is a weak sell signal bar for Monday.<\/li>\n\n\n\n
- Next week is a shortened trading week due to the Thanksgiving holiday. This slightly increases the odds of sideways trading.<\/li>\n\n\n\n
- For now, odds slightly favor at least a small second leg sideways to up after the current pullback.<\/li>\n<\/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
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/Emini-Weekly-No-Bull-FT-Bar-Thanksgiving-Week.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s Emini candlestick<\/a> was a bear doji with tails above and below.<\/li>\n\n\n\n
- Last week, we said the odds slightly favor the Emini to trade at least a little higher. Traders will see if the bulls can get a follow-through bull bar. <\/li>\n\n\n\n
- While this week traded above last week\u2019s high, the Emini reversed to close below it. The bulls did not get a bull follow-through bar.<\/li>\n\n\n\n
- The bulls got a reversal higher from a wedge bottom (Feb 24, June 17 and Oct 13) with a nested wedge (Sept 6, Sept 30 and Oct 13).<\/li>\n\n\n\n
- They then got a second leg sideways to up from a higher low major trend reversal (Nov 3).<\/li>\n\n\n\n
- While the move up from October low is in a tight bull channel, there is a lot of overlapping price action. <\/li>\n\n\n\n
- That means the bulls are not as strong as they would like to be.<\/li>\n\n\n\n
- The problem with the bull\u2019s case is that the selloff from August was very strong. The sideways to up leg may lead to a lower high. For now, this remains true.<\/li>\n\n\n\n
- The bulls need to create strong consecutive bull bars closing near their highs breaking far above the major bear trend line to signal the end of the correction.<\/li>\n\n\n\n
- The bears got a tight bear channel down testing the June low but failed to get follow-through selling.<\/li>\n\n\n\n
- The bears hope that the current pullback is simply forming a wedge bear flag (Oct 5, Oct 28, and Nov 15) or a double top bear flag (Sept 12) and a lower high.<\/li>\n\n\n\n
- Next week, they will need to create a strong follow-through bear bar to increase the odds of lower prices.<\/li>\n\n\n\n
- They want a retest of the October low followed by a strong breakout and a measured move down to around 3450 or the 3400 Big Round Number which is also 2020 high.<\/li>\n\n\n\n
- Bears see the selloff from January as a broad bear channel. The major bear trend line remains as resistance above.<\/li>\n\n\n\n
- Since this week was a bear doji, it is a weaker sell signal bar.<\/li>\n\n\n\n
- Next week is a shortened trading week due to the Thanksgiving holiday. This slightly increases the odds of more sideways trading.<\/li>\n\n\n\n
- Unless the bears get a surprising big bear spike with subsequent follow-through selling like in August, odds slightly favor at least a small second leg sideways to up after a pullback.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- The Emini traded higher on Monday and Tuesday but both days closed as bear bars. Thursday broke below Wednesday’s inside bar but reversed into a bull bar. Friday opened higher but closed as a bear bar with a long tail below. <\/li>\n\n\n\n
- Last week, we said that the odds slightly favor sideways to up.<\/li>\n\n\n\n
- While this week traded above last week\u2019s high, it was mostly sideways to slightly down.<\/li>\n\n\n\n
- Bulls see the strong selloff from August simply as a sell vacuum testing June low within a broad bear channel. A broad bear channel is almost a trading range that is tilted down.<\/li>\n\n\n\n
- They got a reversal higher from a lower low major trend reversal with the June low, a wedge bull flag (Feb 24, June 17, and Oct 13) and a nested wedge (Sept 6, Sept 30 and Oct 13).<\/li>\n\n\n\n
- They then got the second leg sideways to up from a higher low major trend reversal (Nov 3).<\/li>\n\n\n\n
- This week, the bulls did not get strong follow-through buying. They see this week as a breakout test of the October high.<\/li>\n\n\n\n
- The problem with the bull\u2019s case is that the selloff from August 16 was very strong. Sideways to up pullbacks may lead to a lower high. For now, this remains true.<\/li>\n\n\n\n
- The bulls need to create consecutive bull bars closing near their highs (strong spike up) and trading far above the major bear trend line, to convince traders that a reversal higher is underway.<\/li>\n\n\n\n
- The next targets for the bulls are the September 12 high and the major bear trend line.<\/li>\n\n\n\n
- The bears want a strong breakout below the October low followed by a measured move down to 3450 or slightly lower around the 3400 big round number which is also the 2020 high.<\/li>\n\n\n\n
- They see the current move as a developing wedge bear flag (Oct 5 or 18, Nov 1 and Nov 11) and a double top bear flag with the September 12 high.<\/li>\n\n\n\n
- The bears see the selloff from January as a broad bear channel. If the Emini trades higher, the bears want a reversal from a lower high around the major bear trend line.<\/li>\n\n\n\n
- Since Friday was a bear bar with a long tail below, it is a weak sell signal bar for Monday.<\/li>\n\n\n\n
- Next week is a shortened trading week due to the Thanksgiving holiday. This slightly increases the odds of sideways trading.<\/li>\n\n\n\n
- For now, odds slightly favor at least a small second leg sideways to up after the current pullback.<\/li>\n<\/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