S&P500 Emini futures<\/h2>\n\n\n\nThe Monthly<\/em> Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Monthly-Double-Bottom-Bull-Flag-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The March monthly Emini candlestick<\/a> was a bull reversal bar closing near its high. <\/li>\n\n\n\n
- Last month, we said that the prior 4 candlesticks were overlapping with alternating bull and bear bodies. Poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n
- March broke far below February low but reversed to close at the range\u2019s high and above the 20-month exponential moving average.<\/li>\n\n\n\n
- The bulls had a 5-bar bull micro channel. Often, there are buyers below the first pullback below such a strong micro channel. This was the case in March.<\/li>\n\n\n\n
- They want another strong leg up from a double bottom bull flag (Dec 22 and Mar 13), completing the wedge pattern with the first 2 legs being December 13 and February 2 highs.<\/li>\n\n\n\n
- The bears see the move down from January 2022 as a broad bear channel, with the August 2022 high as the last major lower high.<\/li>\n\n\n\n
- If the Emini trades higher, they want a reversal down from a small double top with the February high or a larger double top bear flag with the August 2022 high.<\/li>\n\n\n\n
- The problem with the bear’s case is that they have not been able to create follow-through selling since September 2022.<\/li>\n\n\n\n
- Since March’s candlestick is a bull bar closing near its high, odds favor April to trade at least a little higher.<\/li>\n\n\n\n
- Monday is the first trading day of the month. The market may gap up at the open, creating a gap on the Monthly, Weekly and Daily charts. Small gaps usually close early.<\/li>\n\n\n\n
- The candlesticks in the last 10 months are overlapping sideways which means the Emini likely has transitioned into a trading range phase between 4300 and 3500.<\/li>\n\n\n\n
- The last 5 candlesticks are overlapping with alternating bull and bear bodies. The Emini is in a smaller tight trading range between 4200 and 3750. <\/li>\n\n\n\n
- Poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with follow-through buying\/selling.<\/li>\n\n\n\n
- Until the bulls can break far above August 2022 high, the broad bear channel may still be in play.<\/li>\n\n\n\n
- For now, odds slightly favor sideways to up in early April. <\/li>\n\n\n\n
- Traders will see if the bulls can create a follow-through bull bar in April or will the Emini trade slightly higher but close with a bear body or a long tail above.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-Double-Bottom-Bull-Flag-Bull-Leg-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s Emini candlestick\u00a0was a big bull bar closing near its high.<\/li>\n\n\n\n
- Last week, we said that traders will see<\/a> if the bulls can create another follow-through bull bar or will the Emini continue to stall around the 20-week exponential moving average.\u00a0<\/li>\n\n\n\n
- The bulls got a strong bull bar trading far above the 20-week exponential moving average.<\/li>\n\n\n\n
- They got a reversal up from a double bottom bull flag with the December low (Dec 22 and Mar 13).<\/li>\n\n\n\n
- By breaking above the December high (in February), they hope the bear trend of successively lower highs and lower lows has ended.<\/li>\n\n\n\n
- More likely, they will need to break far above the December and August highs to signal the end of the selloff. <\/li>\n\n\n\n
- The bulls want another strong leg up completing the wedge pattern with the first two legs being December 13 and February 2.<\/li>\n\n\n\n
- At the very least they want a retest of February high.<\/li>\n\n\n\n
- The bears see the move up to February 2 high simply as a two-legged swing up.<\/li>\n\n\n\n
- They got a reversal down from a higher high major trend reversal. <\/li>\n\n\n\n
- They then got a second leg sideways to down from a lower high major trend reversal (Mar 6).<\/li>\n\n\n\n
- However, they were not able to create follow-through selling in March.<\/li>\n\n\n\n
- The bears hope that the current pullback is simply a retest of the February high. They want a reversal down from a larger lower high major trend reversal or a double top with February 2 high.<\/li>\n\n\n\n
- Because of the strong move-up, the bears will need a strong sell signal bar or a micro double top before they would be willing to sell more aggressively.<\/li>\n\n\n\n
- The Emini is in a smaller 23-week trading range around 3750 and 4200. <\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction with follow-through buying\/selling.<\/li>\n\n\n\n
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n
- Since this week was a bull bar closing near its high, it is a good buy signal bar for next week. It may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- For now, odds slightly favor the Emini to trade at least a little higher.<\/li>\n\n\n\n
- Traders will see if the bulls get another strong consecutive bull bar or will the Emini trade slightly higher but close with a bear body or a long tail above.<\/li>\n<\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Al Brooks and other presenters talk about the detailed Emini price action real-time each 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
<\/a><\/figure>\n\n\n\n- \n
- The March monthly Emini candlestick<\/a> was a bull reversal bar closing near its high. <\/li>\n\n\n\n
- Last month, we said that the prior 4 candlesticks were overlapping with alternating bull and bear bodies. Poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n
- March broke far below February low but reversed to close at the range\u2019s high and above the 20-month exponential moving average.<\/li>\n\n\n\n
- The bulls had a 5-bar bull micro channel. Often, there are buyers below the first pullback below such a strong micro channel. This was the case in March.<\/li>\n\n\n\n
- They want another strong leg up from a double bottom bull flag (Dec 22 and Mar 13), completing the wedge pattern with the first 2 legs being December 13 and February 2 highs.<\/li>\n\n\n\n
- The bears see the move down from January 2022 as a broad bear channel, with the August 2022 high as the last major lower high.<\/li>\n\n\n\n
- If the Emini trades higher, they want a reversal down from a small double top with the February high or a larger double top bear flag with the August 2022 high.<\/li>\n\n\n\n
- The problem with the bear’s case is that they have not been able to create follow-through selling since September 2022.<\/li>\n\n\n\n
- Since March’s candlestick is a bull bar closing near its high, odds favor April to trade at least a little higher.<\/li>\n\n\n\n
- Monday is the first trading day of the month. The market may gap up at the open, creating a gap on the Monthly, Weekly and Daily charts. Small gaps usually close early.<\/li>\n\n\n\n
- The candlesticks in the last 10 months are overlapping sideways which means the Emini likely has transitioned into a trading range phase between 4300 and 3500.<\/li>\n\n\n\n
- The last 5 candlesticks are overlapping with alternating bull and bear bodies. The Emini is in a smaller tight trading range between 4200 and 3750. <\/li>\n\n\n\n
- Poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with follow-through buying\/selling.<\/li>\n\n\n\n
- Until the bulls can break far above August 2022 high, the broad bear channel may still be in play.<\/li>\n\n\n\n
- For now, odds slightly favor sideways to up in early April. <\/li>\n\n\n\n
- Traders will see if the bulls can create a follow-through bull bar in April or will the Emini trade slightly higher but close with a bear body or a long tail above.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s Emini candlestick\u00a0was a big bull bar closing near its high.<\/li>\n\n\n\n
- Last week, we said that traders will see<\/a> if the bulls can create another follow-through bull bar or will the Emini continue to stall around the 20-week exponential moving average.\u00a0<\/li>\n\n\n\n
- The bulls got a strong bull bar trading far above the 20-week exponential moving average.<\/li>\n\n\n\n
- They got a reversal up from a double bottom bull flag with the December low (Dec 22 and Mar 13).<\/li>\n\n\n\n
- By breaking above the December high (in February), they hope the bear trend of successively lower highs and lower lows has ended.<\/li>\n\n\n\n
- More likely, they will need to break far above the December and August highs to signal the end of the selloff. <\/li>\n\n\n\n
- The bulls want another strong leg up completing the wedge pattern with the first two legs being December 13 and February 2.<\/li>\n\n\n\n
- At the very least they want a retest of February high.<\/li>\n\n\n\n
- The bears see the move up to February 2 high simply as a two-legged swing up.<\/li>\n\n\n\n
- They got a reversal down from a higher high major trend reversal. <\/li>\n\n\n\n
- They then got a second leg sideways to down from a lower high major trend reversal (Mar 6).<\/li>\n\n\n\n
- However, they were not able to create follow-through selling in March.<\/li>\n\n\n\n
- The bears hope that the current pullback is simply a retest of the February high. They want a reversal down from a larger lower high major trend reversal or a double top with February 2 high.<\/li>\n\n\n\n
- Because of the strong move-up, the bears will need a strong sell signal bar or a micro double top before they would be willing to sell more aggressively.<\/li>\n\n\n\n
- The Emini is in a smaller 23-week trading range around 3750 and 4200. <\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction with follow-through buying\/selling.<\/li>\n\n\n\n
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n
- Since this week was a bull bar closing near its high, it is a good buy signal bar for next week. It may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- For now, odds slightly favor the Emini to trade at least a little higher.<\/li>\n\n\n\n
- Traders will see if the bulls get another strong consecutive bull bar or will the Emini trade slightly higher but close with a bear body or a long tail above.<\/li>\n<\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Al Brooks and other presenters talk about the detailed Emini price action real-time each 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