The Monthly<\/em> Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Emini-Monthly-Close-below-20-Month-EMA-Weak-Bear-Bar-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The October monthly Emini candlestick<\/a> was a bear bar with long tails above and below.<\/li>\n\n\n\n
- Last month<\/a>, we said that the Emini may still trade at least a little lower and traders will see if the bears can create follow-through selling closing below the 20-month EMA. <\/li>\n\n\n\n
- October traded lower and closed below the 20-month EMA. However, the long tail below the candlestick indicates that the bears are not as strong as they would like to be.<\/li>\n\n\n\n
- The bears see the prior rally (Jul 27) as a retest of the all-time high and want a reversal from a lower high major trend reversal.<\/li>\n\n\n\n
- They got 3 consecutive bear bars, something that has not happened since the January 2020 selloff. The last time the Emini formed 4 consecutive bear bars was in the year 2011. Can the bears create another consecutive bear bar?<\/li>\n\n\n\n
- The bears will need to create follow-through selling closing far below the 20-month EMA to increase the odds of a reversal down.<\/li>\n\n\n\n
- Previously, the bulls managed to create a tight bull channel from March to July. <\/li>\n\n\n\n
- That increases the odds of at least a small second leg sideways to up after the recent pullback.<\/li>\n\n\n\n
- They see the pullback from August to October simply as a 50% pullback of the whole rally which started in October 2022.<\/li>\n\n\n\n
- They want the market to reverse up from a trend channel line overshoot (Oct) and a higher low, retesting the July 27 high followed by a breakout above.<\/li>\n\n\n\n
- So far, November started with strength and is currently an inside bull bar.<\/li>\n\n\n\n
- If November closes as a bull bar near its high and above October’s high, that will increase the odds of the bull trend resuming.<\/li>\n\n\n\n
- The bears want November to close with a long tail above and a bear body.<\/li>\n\n\n\n
- For now, the bull trend remains intact (higher highs, higher lows).<\/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\/11\/Emini-Weekly-Climactic-Reversal-Bulls-Need-FT-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was a big bull bar closing near its high.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to trade at least a little lower. Traders will see if the bears can get another strong bear bar, or will the market trade slightly lower, but closes with a long tail or a bull body.\u00a0<\/li>\n\n\n\n
- This week gapped higher and traded up with strength, testing the 20-week EMA.<\/li>\n\n\n\n
- The bulls see the move down (from July 27) as a deep pullback of the whole move up which started in October 2022.<\/li>\n\n\n\n
- They want a reversal from a wedge bull flag (Aug 18, Oct 3, and Oct 27) and a trend channel line overshoot. They got what they wanted.<\/li>\n\n\n\n
- The market took 3 months to fall 10% into correction territory but recovered almost 6% of the whole move in only 5 days this week.<\/li>\n\n\n\n
- The bulls see the big bull bar this week as evidence of bears taking profit aggressively, believing that the whole move down was simply a wedge bull flag.<\/li>\n\n\n\n
- They will need to create follow-through buying next week, closing above the 20-week EMA. <\/li>\n\n\n\n
- If they get a couple of strong consecutive bull bars, the odds of the bull trend resuming will increase.<\/li>\n\n\n\n
- If the market trades slightly lower, they want a second leg up and a reversal up from a higher low major trend reversal.<\/li>\n\n\n\n
- The bears got the third leg down forming the wedge pattern (Aug 18, Oct 3, and Oct 27). <\/li>\n\n\n\n
- They want a strong breakout below the bull trend line with follow-through selling.<\/li>\n\n\n\n
- However, they did not get sustained follow-through selling, and the market reversed up with strength instead.<\/li>\n\n\n\n
- The bears see the strong rally this week simply as a 50% pullback and hope to get another leg down to retest the October low after the current pullback.<\/li>\n\n\n\n
- They want the 20-week EMA or the October high to act as resistance.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a big bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n
- Traders will see if the bulls can get a follow-through bull bar closing above the 20-week EMA and the October high. If they get that, the odds of the bull trend resuming will increase.<\/li>\n\n\n\n
- Or will the market trade slightly higher but stall around the 20-week EMA or the October high and close with a long tail above or with a bear body?<\/li>\n\n\n\n
- While the market can still trade sideways to down for a couple more weeks, the bull trend remains intact; higher highs, higher lows. 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\/11\/Emini-Monthly-Close-below-20-Month-EMA-Weak-Bear-Bar.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- The October monthly Emini candlestick<\/a> was a bear bar with long tails above and below.<\/li>\n\n\n\n
- Last month<\/a>, we said that the Emini may still trade at least a little lower and traders will see if the bears can create follow-through selling closing below the 20-month EMA. <\/li>\n\n\n\n
- October traded lower and closed below the 20-month EMA. However, the long tail below the candlestick indicates that the bears are not as strong as they would like to be.<\/li>\n\n\n\n
- The bears see the prior rally (Jul 27) as a retest of the all-time high and want a reversal from a lower high major trend reversal.<\/li>\n\n\n\n
- They got 3 consecutive bear bars, something that has not happened since the January 2020 selloff. The last time the Emini formed 4 consecutive bear bars was in the year 2011. Can the bears create another consecutive bear bar?<\/li>\n\n\n\n
- The bears will need to create follow-through selling closing far below the 20-month EMA to increase the odds of a reversal down.<\/li>\n\n\n\n
- Previously, the bulls managed to create a tight bull channel from March to July. <\/li>\n\n\n\n
- That increases the odds of at least a small second leg sideways to up after the recent pullback.<\/li>\n\n\n\n
- They see the pullback from August to October simply as a 50% pullback of the whole rally which started in October 2022.<\/li>\n\n\n\n
- They want the market to reverse up from a trend channel line overshoot (Oct) and a higher low, retesting the July 27 high followed by a breakout above.<\/li>\n\n\n\n
- So far, November started with strength and is currently an inside bull bar.<\/li>\n\n\n\n
- If November closes as a bull bar near its high and above October’s high, that will increase the odds of the bull trend resuming.<\/li>\n\n\n\n
- The bears want November to close with a long tail above and a bear body.<\/li>\n\n\n\n
- For now, the bull trend remains intact (higher highs, higher lows).<\/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 <\/a>was a big bull bar closing near its high.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to trade at least a little lower. Traders will see if the bears can get another strong bear bar, or will the market trade slightly lower, but closes with a long tail or a bull body.\u00a0<\/li>\n\n\n\n
- This week gapped higher and traded up with strength, testing the 20-week EMA.<\/li>\n\n\n\n
- The bulls see the move down (from July 27) as a deep pullback of the whole move up which started in October 2022.<\/li>\n\n\n\n
- They want a reversal from a wedge bull flag (Aug 18, Oct 3, and Oct 27) and a trend channel line overshoot. They got what they wanted.<\/li>\n\n\n\n
- The market took 3 months to fall 10% into correction territory but recovered almost 6% of the whole move in only 5 days this week.<\/li>\n\n\n\n
- The bulls see the big bull bar this week as evidence of bears taking profit aggressively, believing that the whole move down was simply a wedge bull flag.<\/li>\n\n\n\n
- They will need to create follow-through buying next week, closing above the 20-week EMA. <\/li>\n\n\n\n
- If they get a couple of strong consecutive bull bars, the odds of the bull trend resuming will increase.<\/li>\n\n\n\n
- If the market trades slightly lower, they want a second leg up and a reversal up from a higher low major trend reversal.<\/li>\n\n\n\n
- The bears got the third leg down forming the wedge pattern (Aug 18, Oct 3, and Oct 27). <\/li>\n\n\n\n
- They want a strong breakout below the bull trend line with follow-through selling.<\/li>\n\n\n\n
- However, they did not get sustained follow-through selling, and the market reversed up with strength instead.<\/li>\n\n\n\n
- The bears see the strong rally this week simply as a 50% pullback and hope to get another leg down to retest the October low after the current pullback.<\/li>\n\n\n\n
- They want the 20-week EMA or the October high to act as resistance.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a big bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n
- Traders will see if the bulls can get a follow-through bull bar closing above the 20-week EMA and the October high. If they get that, the odds of the bull trend resuming will increase.<\/li>\n\n\n\n
- Or will the market trade slightly higher but stall around the 20-week EMA or the October high and close with a long tail above or with a bear body?<\/li>\n\n\n\n
- While the market can still trade sideways to down for a couple more weeks, the bull trend remains intact; higher highs, higher lows. 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 trade at least a little lower. Traders will see if the bears can get another strong bear bar, or will the market trade slightly lower, but closes with a long tail or a bull body.\u00a0<\/li>\n\n\n\n
- Last month<\/a>, we said that the Emini may still trade at least a little lower and traders will see if the bears can create follow-through selling closing below the 20-month EMA. <\/li>\n\n\n\n