The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Weekly-Big-Outside-Bear-Bar-3rd-Leg-Down-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was a big outside bear bar closing near its low.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to still be in the sideways to up pullback phase. Traders will see if the bulls can continue creating follow-through buying or will next week trade lower and retest the October 3 low instead.<\/li>\n\n\n\n
- This week traded above last week\u2019s high but reversed into a big bear bar testing the Oct 3 low.<\/li>\n\n\n\n
- So far, the bulls have not yet been able to close back above the 20-week exponential moving average.<\/li>\n\n\n\n
- They see the move down (from July 27) simply as a 50% pullback (of the move which started in March) within a broad bull channel.<\/li>\n\n\n\n
- They want a reversal from a small double bottom with the October 3 low or a wedge bull flag.<\/li>\n\n\n\n
- The bulls will need a strong reversal bar or a micro double bottom before they would be willing to buy aggressively.<\/li>\n\n\n\n
- Previously, the bears got a two-legged pullback testing the breakout point (Feb 2) and the bull trend line.<\/li>\n\n\n\n
- They want a strong breakout below the bull trend line with follow-through selling.<\/li>\n\n\n\n
- They want another leg down from a double top bear flag (Sept 1 and Oct 17) to complete the wedge pattern with the first 2 legs being August 18 and October 3. The third leg down is likely underway.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a big bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n
- The market may gap down on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- For now, odds slightly favor the market to trade at least a little lower and for the third leg down forming the wedge pattern.<\/li>\n\n\n\n
- Traders will see if the bears can get a strong bear bar trading far below the October 3 low, or will the market trades slightly lower, but closes with a long tail or a bull body.<\/li>\n\n\n\n
- While the market may still trade sideways to down for a couple more weeks, the bull trend remains intact; higher highs, higher lows.<\/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\/10\/Emini-Daily-3rd-Leg-Down-Lower-Low-MTR-or-Bear-Trend-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The Emini traded higher earlier in the week but sold off from Wednesday into Friday, forming 3 consecutive bear bars.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor at least a small second leg sideways to up and traders will see if the bulls can create follow-through buying or will the market trade slightly higher but stall around the October 12 high area.<\/li>\n\n\n\n
- This week formed a small second leg sideways to up but stalled around the October 12 high area and reversed lower. The bears got what they wanted.<\/li>\n\n\n\n
- Previously, the bears got a 50% pullback of the rally which started in March, testing the February 2 high which was the breakout point of the rally.<\/li>\n\n\n\n
- They now have another leg down from a double top bear flag (Sept 1 and Oct 17), forming the wedge pattern with the first two legs being August 18 and October 3.<\/li>\n\n\n\n
- They want a strong breakout below the October 3 low with sustained follow-through selling.<\/li>\n\n\n\n
- The bulls want a reversal from a small double bottom with the October 3 low. <\/li>\n\n\n\n
- If the market trades lower, they want a reversal up from a lower low major trend reversal and a wedge pattern with the first two legs being August 18 and October 3.<\/li>\n\n\n\n
- They see the current move down since July 27 simply as a 50% pullback and a test of the breakout point (Feb 2) of the rally.<\/li>\n\n\n\n
- They hope to get a retest of the July 27 high and a strong breakout above.<\/li>\n\n\n\n
- Since Friday was a bear bar closing near its low, it is a sell signal bar for Monday.<\/li>\n\n\n\n
- The market may gap down on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Odds slightly favor the market to trade at least a little lower.<\/li>\n\n\n\n
- Traders will see if the bears can create sustained follow-through selling or will the market trade slightly lower but stall not far away from the October 3 low area.<\/li>\n\n\n\n
- For now, while the market may still trade sideways to down for a few more weeks, the bull trend remains intact. This remains true.<\/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\/10\/Emini-Weekly-Big-Outside-Bear-Bar-3rd-Leg-Down.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s Emini candlestick <\/a>was a big outside bear bar closing near its low.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to still be in the sideways to up pullback phase. Traders will see if the bulls can continue creating follow-through buying or will next week trade lower and retest the October 3 low instead.<\/li>\n\n\n\n
- This week traded above last week\u2019s high but reversed into a big bear bar testing the Oct 3 low.<\/li>\n\n\n\n
- So far, the bulls have not yet been able to close back above the 20-week exponential moving average.<\/li>\n\n\n\n
- They see the move down (from July 27) simply as a 50% pullback (of the move which started in March) within a broad bull channel.<\/li>\n\n\n\n
- They want a reversal from a small double bottom with the October 3 low or a wedge bull flag.<\/li>\n\n\n\n
- The bulls will need a strong reversal bar or a micro double bottom before they would be willing to buy aggressively.<\/li>\n\n\n\n
- Previously, the bears got a two-legged pullback testing the breakout point (Feb 2) and the bull trend line.<\/li>\n\n\n\n
- They want a strong breakout below the bull trend line with follow-through selling.<\/li>\n\n\n\n
- They want another leg down from a double top bear flag (Sept 1 and Oct 17) to complete the wedge pattern with the first 2 legs being August 18 and October 3. The third leg down is likely underway.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a big bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n
- The market may gap down on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- For now, odds slightly favor the market to trade at least a little lower and for the third leg down forming the wedge pattern.<\/li>\n\n\n\n
- Traders will see if the bears can get a strong bear bar trading far below the October 3 low, or will the market trades slightly lower, but closes with a long tail or a bull body.<\/li>\n\n\n\n
- While the market may still trade sideways to down for a couple more weeks, the bull trend remains intact; higher highs, higher lows.<\/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 earlier in the week but sold off from Wednesday into Friday, forming 3 consecutive bear bars.<\/li>\n\n\n\n
- Last week, we said that the odds slightly favor at least a small second leg sideways to up and traders will see if the bulls can create follow-through buying or will the market trade slightly higher but stall around the October 12 high area.<\/li>\n\n\n\n
- This week formed a small second leg sideways to up but stalled around the October 12 high area and reversed lower. The bears got what they wanted.<\/li>\n\n\n\n
- Previously, the bears got a 50% pullback of the rally which started in March, testing the February 2 high which was the breakout point of the rally.<\/li>\n\n\n\n
- They now have another leg down from a double top bear flag (Sept 1 and Oct 17), forming the wedge pattern with the first two legs being August 18 and October 3.<\/li>\n\n\n\n
- They want a strong breakout below the October 3 low with sustained follow-through selling.<\/li>\n\n\n\n
- The bulls want a reversal from a small double bottom with the October 3 low. <\/li>\n\n\n\n
- If the market trades lower, they want a reversal up from a lower low major trend reversal and a wedge pattern with the first two legs being August 18 and October 3.<\/li>\n\n\n\n
- They see the current move down since July 27 simply as a 50% pullback and a test of the breakout point (Feb 2) of the rally.<\/li>\n\n\n\n
- They hope to get a retest of the July 27 high and a strong breakout above.<\/li>\n\n\n\n
- Since Friday was a bear bar closing near its low, it is a sell signal bar for Monday.<\/li>\n\n\n\n
- The market may gap down on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Odds slightly favor the market to trade at least a little lower.<\/li>\n\n\n\n
- Traders will see if the bears can create sustained follow-through selling or will the market trade slightly lower but stall not far away from the October 3 low area.<\/li>\n\n\n\n
- For now, while the market may still trade sideways to down for a few more weeks, the bull trend remains intact. This remains true.<\/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
- Last week<\/a>, we said that the odds slightly favor the market to still be in the sideways to up pullback phase. Traders will see if the bulls can continue creating follow-through buying or will next week trade lower and retest the October 3 low instead.<\/li>\n\n\n\n