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\/07\/Emini-Weekly-Wedges-TCL-Overshoot-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was a big bull bar closing in the upper half with a small tail above.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor the market to still be Always In Long. However, the Emini may still need to trade sideways to down a little while more to work off the recent overbought conditions.<\/li>\n\n\n\n
- This week traded higher and broke above the bear inside bar.<\/li>\n\n\n\n
- The bulls got a strong leg up creating the large wedge pattern with the first two legs being December 13 and February 2. <\/li>\n\n\n\n
- They want a breakout trading far above the August high followed by a measured move using the height of the 6-month trading range which will take them to the March 2022 high area.<\/li>\n\n\n\n
- Since this week was a breakout above the bear inside bar, the bulls need to create strong follow-through buying next week to increase the odds of a successful breakout.<\/li>\n\n\n\n
- The bears want a reversal down from a wedge pattern (Dec 13, Feb 2, and Jul 14) and a trend channel line overshoot.<\/li>\n\n\n\n
- They hope to get a failed breakout above the August high. If there is a failed breakout, it would usually occur within 5 bars after the breakout.<\/li>\n\n\n\n
- They also see a smaller wedge forming in the last few weeks (Jun 16, Jun 30, and Jul 14).<\/li>\n\n\n\n
- At the very least, they want a larger pullback from the trend channel line overshoot. <\/li>\n\n\n\n
- The problem with the bear\u2019s case is that they have not been able to create strong follow-through selling since the March low. They failed to create follow-through selling again this week.<\/li>\n\n\n\n
- They will need to create consecutive strong bear bars closing near their lows to convince traders that a deeper pullback could be underway.<\/li>\n\n\n\n
- Since this week was a bull bar closing near its high, it is a buy signal bar next week. It is not a strong sell signal bar.<\/li>\n\n\n\n
- Odds continue to slightly favor the market to be in the sideways to up phase.<\/li>\n\n\n\n
- However, the move up is also slightly climactic. The last 5 candlesticks had a lot of overlapping price action. That means a loss of momentum.<\/li>\n\n\n\n
- A minor pullback can begin within a few weeks.<\/li>\n\n\n\n
- If there is a deeper pullback, a reasonable target would be the 20-week exponential moving average.<\/li>\n\n\n\n
- Odds are there will be at least a small second leg sideways to up to retest the current leg extreme.<\/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\/07\/Emini-Daily-Smaller-Wedge-TCL-Overshoot-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The Emini traded higher for the week.<\/li>\n\n\n\n
- Last week, we said that while the market is likely still Always in Long, the Emini may need to trade sideways to down a little while longer to work off the recent overbought condition.<\/li>\n\n\n\n
- The bulls want a measured move up using the height of the 6-month trading range which will take them near the March 2022 high.<\/li>\n\n\n\n
- They will need to break far above the August high with follow-through buying to increase the odds of reaching the measured move target.<\/li>\n\n\n\n
- The move up since March 13 low is in a tight bull channel which means strong bulls. <\/li>\n\n\n\n
- However, it has also lasted a long time and is slightly climactic. <\/li>\n\n\n\n
- The market may need to trade sideways to down to work off the recent overbought condition.<\/li>\n\n\n\n
- If there is a deeper pullback, odds slightly favor at least a small sideways to up leg to retest the current leg extreme.<\/li>\n\n\n\n
- The bears have not yet been able to create credible selling pressure. <\/li>\n\n\n\n
- They want a failed breakout above the August high and a reversal from a trend channel line overshoot. They also see a smaller wedge forming (Jun 30, Jun 16, and July 14).<\/li>\n\n\n\n
- They will need to create consecutive bear bars closing near their lows, trading far below the 20-day exponential moving average to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- While the market continues to slightly favor sideways to up, the move up has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- The market may need to trade sideways to down to work off the recent overbought condition. A minor pullback can begin within a few weeks.<\/li>\n\n\n\n
- Traders will see if the market continues the climactic move up or will a pullback phase begin soon.<\/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\/07\/Emini-Weekly-Wedges-TCL-Overshoot.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s Emini candlestick <\/a>was a big bull bar closing in the upper half with a small tail above.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor the market to still be Always In Long. However, the Emini may still need to trade sideways to down a little while more to work off the recent overbought conditions.<\/li>\n\n\n\n
- This week traded higher and broke above the bear inside bar.<\/li>\n\n\n\n
- The bulls got a strong leg up creating the large wedge pattern with the first two legs being December 13 and February 2. <\/li>\n\n\n\n
- They want a breakout trading far above the August high followed by a measured move using the height of the 6-month trading range which will take them to the March 2022 high area.<\/li>\n\n\n\n
- Since this week was a breakout above the bear inside bar, the bulls need to create strong follow-through buying next week to increase the odds of a successful breakout.<\/li>\n\n\n\n
- The bears want a reversal down from a wedge pattern (Dec 13, Feb 2, and Jul 14) and a trend channel line overshoot.<\/li>\n\n\n\n
- They hope to get a failed breakout above the August high. If there is a failed breakout, it would usually occur within 5 bars after the breakout.<\/li>\n\n\n\n
- They also see a smaller wedge forming in the last few weeks (Jun 16, Jun 30, and Jul 14).<\/li>\n\n\n\n
- At the very least, they want a larger pullback from the trend channel line overshoot. <\/li>\n\n\n\n
- The problem with the bear\u2019s case is that they have not been able to create strong follow-through selling since the March low. They failed to create follow-through selling again this week.<\/li>\n\n\n\n
- They will need to create consecutive strong bear bars closing near their lows to convince traders that a deeper pullback could be underway.<\/li>\n\n\n\n
- Since this week was a bull bar closing near its high, it is a buy signal bar next week. It is not a strong sell signal bar.<\/li>\n\n\n\n
- Odds continue to slightly favor the market to be in the sideways to up phase.<\/li>\n\n\n\n
- However, the move up is also slightly climactic. The last 5 candlesticks had a lot of overlapping price action. That means a loss of momentum.<\/li>\n\n\n\n
- A minor pullback can begin within a few weeks.<\/li>\n\n\n\n
- If there is a deeper pullback, a reasonable target would be the 20-week exponential moving average.<\/li>\n\n\n\n
- Odds are there will be at least a small second leg sideways to up to retest the current leg extreme.<\/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 for the week.<\/li>\n\n\n\n
- Last week, we said that while the market is likely still Always in Long, the Emini may need to trade sideways to down a little while longer to work off the recent overbought condition.<\/li>\n\n\n\n
- The bulls want a measured move up using the height of the 6-month trading range which will take them near the March 2022 high.<\/li>\n\n\n\n
- They will need to break far above the August high with follow-through buying to increase the odds of reaching the measured move target.<\/li>\n\n\n\n
- The move up since March 13 low is in a tight bull channel which means strong bulls. <\/li>\n\n\n\n
- However, it has also lasted a long time and is slightly climactic. <\/li>\n\n\n\n
- The market may need to trade sideways to down to work off the recent overbought condition.<\/li>\n\n\n\n
- If there is a deeper pullback, odds slightly favor at least a small sideways to up leg to retest the current leg extreme.<\/li>\n\n\n\n
- The bears have not yet been able to create credible selling pressure. <\/li>\n\n\n\n
- They want a failed breakout above the August high and a reversal from a trend channel line overshoot. They also see a smaller wedge forming (Jun 30, Jun 16, and July 14).<\/li>\n\n\n\n
- They will need to create consecutive bear bars closing near their lows, trading far below the 20-day exponential moving average to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- While the market continues to slightly favor sideways to up, the move up has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- The market may need to trade sideways to down to work off the recent overbought condition. A minor pullback can begin within a few weeks.<\/li>\n\n\n\n
- Traders will see if the market continues the climactic move up or will a pullback phase begin soon.<\/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