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-Micro-Wedge-6-Bar-Bull-MC-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>traded above last week\u2019s high but closed as a small bear doji.<\/li>\n\n\n\n
- Last week, we said that 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\n\n\n
- The bears hope that the current leg up 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 18).<\/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 highs of the last 2 candlesticks formed a micro double top (Apr 14 and Apr 18). The bears also have a micro wedge (Apr 4, Apr 14, and Apr 18).<\/li>\n\n\n\n
- The bears will need to create follow-through selling next week to increase the odds of the start of the bear leg.<\/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
- They 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 6-bar bull micro channel and the move up is in a tight bull channel. That means strong bulls. <\/li>\n\n\n\n
- Often, there are buyers below the first pullback from such a strong bull micro channel.<\/li>\n\n\n\n
- If there is a pullback, the bulls want at least a small second leg sideways to up to retest the current leg high (April 18).<\/li>\n\n\n\n
- This week was a bear doji and closed below the middle of the bar. It is a weak sell signal bar.<\/li>\n\n\n\n
- Traders will see if the bears can create follow-through selling next week or will the market trade slightly lower but find buyers instead.<\/li>\n\n\n\n
- The Emini is trading near the top of the 26-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 to be followed by a bear leg thereafter.<\/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-Larger-Wedge-3rd-Leg-Wedge-Tight-Bull-Channel-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The Emini gap above last week\u2019s high on Tuesday but closed as a bear bar. The market then traded sideways to down for the rest of the week.<\/li>\n\n\n\n
- Last week, we said that the large wedge<\/a> 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
- The pullback so far is weak, and the bears have not yet been able to create strong consecutive bear bars.<\/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
- The small second leg sideway to up from April 6 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 2 high followed by a breakout and another big leg up, completing the wedge pattern with the first two legs being December 13 and February 2. <\/li>\n\n\n\n
- If there is a deeper pullback, the bulls want a larger second leg sideways to up to retest the current leg high.<\/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 18) with a smaller wedge in the current leg up (Mar 22, Apr 4, and Apr 18).<\/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 from March 13 low 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. It may have begun this week.<\/li>\n\n\n\n
- So far, the pullback is weak. 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 26-week trading range around 3750 and 4200.<\/li>\n\n\n\n
- If the pullback remains weak with overlapping bars and trading mostly sideways, the odds of another leg up will increase after the end of the pullback.<\/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-Micro-Wedge-6-Bar-Bull-MC.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s Emini candlestick <\/a>traded above last week\u2019s high but closed as a small bear doji.<\/li>\n\n\n\n
- Last week, we said that 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\n\n\n
- The bears hope that the current leg up 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 18).<\/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 highs of the last 2 candlesticks formed a micro double top (Apr 14 and Apr 18). The bears also have a micro wedge (Apr 4, Apr 14, and Apr 18).<\/li>\n\n\n\n
- The bears will need to create follow-through selling next week to increase the odds of the start of the bear leg.<\/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
- They 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 6-bar bull micro channel and the move up is in a tight bull channel. That means strong bulls. <\/li>\n\n\n\n
- Often, there are buyers below the first pullback from such a strong bull micro channel.<\/li>\n\n\n\n
- If there is a pullback, the bulls want at least a small second leg sideways to up to retest the current leg high (April 18).<\/li>\n\n\n\n
- This week was a bear doji and closed below the middle of the bar. It is a weak sell signal bar.<\/li>\n\n\n\n
- Traders will see if the bears can create follow-through selling next week or will the market trade slightly lower but find buyers instead.<\/li>\n\n\n\n
- The Emini is trading near the top of the 26-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 to be followed by a bear leg thereafter.<\/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 gap above last week\u2019s high on Tuesday but closed as a bear bar. The market then traded sideways to down for the rest of the week.<\/li>\n\n\n\n
- Last week, we said that the large wedge<\/a> 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
- The pullback so far is weak, and the bears have not yet been able to create strong consecutive bear bars.<\/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
- The small second leg sideway to up from April 6 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 2 high followed by a breakout and another big leg up, completing the wedge pattern with the first two legs being December 13 and February 2. <\/li>\n\n\n\n
- If there is a deeper pullback, the bulls want a larger second leg sideways to up to retest the current leg high.<\/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 18) with a smaller wedge in the current leg up (Mar 22, Apr 4, and Apr 18).<\/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 from March 13 low 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. It may have begun this week.<\/li>\n\n\n\n
- So far, the pullback is weak. 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 26-week trading range around 3750 and 4200.<\/li>\n\n\n\n
- If the pullback remains weak with overlapping bars and trading mostly sideways, the odds of another leg up will increase after the end of the pullback.<\/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