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\/2023\/04\/Emini-Weekly-LH-MTR-Bull-Leg-5-Bar-Bull-Microchannel-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was a bull bar with a prominent tail above.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor the Emini to still be in the bull leg phase. <\/li>\n\n\n\n
- This week broke above last week\u2019s high and closed slightly above it.<\/li>\n\n\n\n
- The bulls 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. The third leg up is currently underway.<\/li>\n\n\n\n
- At the very least they want a retest of February high. <\/li>\n\n\n\n
- The bulls currently have a 5-bar bull micro channel. That means strong bulls. There may be buyers below the first pullback below such a strong bull micro channel.<\/li>\n\n\n\n
- The bears got a reversal down from a higher high major trend reversal in February.<\/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 buy vacuum retest of the February 2 high. <\/li>\n\n\n\n
- They want a reversal down from a lower high major trend reversal or a double top with February 2 high and a larger wedge pattern (Dec 13, Feb 2 and April 14).<\/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
- Since this week was a bull bar closing in the upper half, it is a buy signal bar for next week.<\/li>\n\n\n\n
- However, it is appearing near the top of the 25-week trading range. Buying at the top of a trading range is not an ideal setup.<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a strong breakout above the February high with follow-through buying.<\/li>\n\n\n\n
- As strong as the current move up is, it could simply be a buy vacuum retest of the trading range high.\u00a0<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong retest and breakout above February 2 high or will the bears form a decent sell signal bar within the next few weeks.<\/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\/2023\/04\/Emini-Daily-Wedge-Small-Double-Top-Larger-Wedge-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The Emini traded sideways to up for the week.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor the Emini<\/a> to trade at least a little higher, possibly retesting the February high.<\/li>\n\n\n\n
- This week traded slightly higher but has not yet reached the February high.<\/li>\n\n\n\n
- The current leg up from March 13 low is in a tight bull channel, which means persistent bulls.<\/li>\n\n\n\n
- This week formed the second leg sideway to up after a small pullback. However, the move-up has a lot of overlapping candlesticks which means a loss of momentum.<\/li>\n\n\n\n
- The bulls want a retest of the February high followed by a breakout and another big leg up, completing the wedge pattern with the first two legs being December 1 and February 2. <\/li>\n\n\n\n
- By trading above the December high (in February), the bulls hope that the bear trend has ended, and the market has either transitioned into a trading range or a bull trend.<\/li>\n\n\n\n
- More likely, the bulls will need to break far above the December and August highs, to convince traders that the bear trend from January 2022 has ended.<\/li>\n\n\n\n
- The bears see the move up from October 2022 simply as forming a larger double top bear flag (Aug 16 and Feb 2) within a broad bear channel.<\/li>\n\n\n\n
- They determined that the August high is the last major lower high, therefore, believe that the Emini is still in a bear trend.<\/li>\n\n\n\n
- They want a retest of the October low from a lower high major trend reversal or a double top (Feb 2). <\/li>\n\n\n\n
- They also see a larger wedge top forming (Dec 1, Feb 2 and April 14) with a smaller wedge in the current leg up (Mar 22, Apr 4, and Apr 14).<\/li>\n\n\n\n
- The problem with the bear\u2019s case is that the buying pressure since March 13 low is stronger with bull bars closing near their highs and bear bars having little follow-through.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows to increase the odds of lower prices.<\/li>\n\n\n\n
- While the move up is strong, it could simply be a buy vacuum retest of the February 2 high.<\/li>\n\n\n\n
- The large wedge and smaller wedge in the current leg up increase the odds that we may see a pullback which may begin at any moment.<\/li>\n\n\n\n
- If the pullback begins, traders will see if the bears can create strong consecutive bear bars closing near their lows.<\/li>\n\n\n\n
- If they do, it increases the odds of the bear leg beginning within the 25-week trading range around 3750 and 4200.<\/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<\/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
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Emini-Weekly-LH-MTR-Bull-Leg-5-Bar-Bull-Microchannel.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s Emini candlestick <\/a>was a bull bar with a prominent tail above.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor the Emini to still be in the bull leg phase. <\/li>\n\n\n\n
- This week broke above last week\u2019s high and closed slightly above it.<\/li>\n\n\n\n
- The bulls 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. The third leg up is currently underway.<\/li>\n\n\n\n
- At the very least they want a retest of February high. <\/li>\n\n\n\n
- The bulls currently have a 5-bar bull micro channel. That means strong bulls. There may be buyers below the first pullback below such a strong bull micro channel.<\/li>\n\n\n\n
- The bears got a reversal down from a higher high major trend reversal in February.<\/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 buy vacuum retest of the February 2 high. <\/li>\n\n\n\n
- They want a reversal down from a lower high major trend reversal or a double top with February 2 high and a larger wedge pattern (Dec 13, Feb 2 and April 14).<\/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
- Since this week was a bull bar closing in the upper half, it is a buy signal bar for next week.<\/li>\n\n\n\n
- However, it is appearing near the top of the 25-week trading range. Buying at the top of a trading range is not an ideal setup.<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a strong breakout above the February high with follow-through buying.<\/li>\n\n\n\n
- As strong as the current move up is, it could simply be a buy vacuum retest of the trading range high.\u00a0<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong retest and breakout above February 2 high or will the bears form a decent sell signal bar within the next few weeks.<\/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 sideways to up for the week.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor the Emini<\/a> to trade at least a little higher, possibly retesting the February high.<\/li>\n\n\n\n
- This week traded slightly higher but has not yet reached the February high.<\/li>\n\n\n\n
- The current leg up from March 13 low is in a tight bull channel, which means persistent bulls.<\/li>\n\n\n\n
- This week formed the second leg sideway to up after a small pullback. However, the move-up has a lot of overlapping candlesticks which means a loss of momentum.<\/li>\n\n\n\n
- The bulls want a retest of the February high followed by a breakout and another big leg up, completing the wedge pattern with the first two legs being December 1 and February 2. <\/li>\n\n\n\n
- By trading above the December high (in February), the bulls hope that the bear trend has ended, and the market has either transitioned into a trading range or a bull trend.<\/li>\n\n\n\n
- More likely, the bulls will need to break far above the December and August highs, to convince traders that the bear trend from January 2022 has ended.<\/li>\n\n\n\n
- The bears see the move up from October 2022 simply as forming a larger double top bear flag (Aug 16 and Feb 2) within a broad bear channel.<\/li>\n\n\n\n
- They determined that the August high is the last major lower high, therefore, believe that the Emini is still in a bear trend.<\/li>\n\n\n\n
- They want a retest of the October low from a lower high major trend reversal or a double top (Feb 2). <\/li>\n\n\n\n
- They also see a larger wedge top forming (Dec 1, Feb 2 and April 14) with a smaller wedge in the current leg up (Mar 22, Apr 4, and Apr 14).<\/li>\n\n\n\n
- The problem with the bear\u2019s case is that the buying pressure since March 13 low is stronger with bull bars closing near their highs and bear bars having little follow-through.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows to increase the odds of lower prices.<\/li>\n\n\n\n
- While the move up is strong, it could simply be a buy vacuum retest of the February 2 high.<\/li>\n\n\n\n
- The large wedge and smaller wedge in the current leg up increase the odds that we may see a pullback which may begin at any moment.<\/li>\n\n\n\n
- If the pullback begins, traders will see if the bears can create strong consecutive bear bars closing near their lows.<\/li>\n\n\n\n
- If they do, it increases the odds of the bear leg beginning within the 25-week trading range around 3750 and 4200.<\/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<\/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