The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Emini-Weekly-Bulls-got-Follow-through-Bull-Channel-Phase-1-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was a bull bar with a small tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to still be Always In Long. Traders will see if the bull can create a follow-through bull bar and resume the move higher.<\/li>\n\n\n\n
- The bulls got follow-through buying following last week\u2019s close above the December 28 high.<\/li>\n\n\n\n
- The move up since October is in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n
- The next target for the bulls is the all-time high. They want a strong breakout into new all-time high territory, hoping that it will lead to many months of sideways to up trading. (Side note: The cash index SPX or the SPY ETF has already broken out above the all-time high with follow-through buying this week).<\/li>\n\n\n\n
- Swing bulls would continue to hold their long position established at lower prices believing any pullback likely to be minor and the market has transitioned into a bull channel phase.<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy-vacuum test of what they believe to be a 37-month trading range high.<\/li>\n\n\n\n
- They want a reversal from a lower high major trend reversal (with the all-time high) and a large wedge pattern (Feb 2, July 27, and Jan 26). <\/li>\n\n\n\n
- They hope to get at least a TBTL (Ten Bars, Two Legs) pullback. <\/li>\n\n\n\n
- The problem with the bear\u2019s case is that the rally is very strong. The only bear bar in the rally had no follow-through selling.<\/li>\n\n\n\n
- They would need a strong reversal bar or at least a micro double top before they would think to sell aggressively.<\/li>\n\n\n\n
- If the market trades higher, the bears want the Emini to stall around the trend channel line area or below the all-time high area.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull bar closing in its upper half, it is a buy signal bar for next week.<\/li>\n\n\n\n
- Traders will see if the bull can create another follow-through bull bar and resume the move higher.<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be Always In Long. <\/li>\n\n\n\n
- The market may have transitioned into the bull channel phase following the recent pullback. Odds slightly favor pullbacks to be minor.<\/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\/2024\/01\/Emini-Daily-FT-Buying-Possible-Bull-Channel-Phase-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded higher for the week. Thursday\u2019s and Friday\u2019s candlesticks were doji(s).<\/li>\n\n\n\n
- Last week<\/a>, we said that slightly favor the market to still be Always In Long. Traders will see if the bulls can create sustained follow-through buying above the December 28 high which will increase the odds of reaching the all-time high.<\/li>\n\n\n\n
- The bulls got the follow-through buying they wanted.<\/li>\n\n\n\n
- They got a reversal from a double bottom bull flag (Jan 5 and Jan 17) or a wedge bull flag (Dec 20, Jan 5, and Jan 17). <\/li>\n\n\n\n
- They hope that the current rally will form a spike and channel which will last for many months after the recent pullback. <\/li>\n\n\n\n
- They want a resumption of the trend to retest the all-time high followed by a breakout above. (Side note: The cash index SPX or the SPY ETF has already broken out above their all-time highs with follow-through buying this week).<\/li>\n\n\n\n
- If the market trades lower, they want the 20-day EMA or the bull trend line to act as support. They want an endless pullback bull trend.<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy vacuum retest of what they believe to be a 37-month trading range high.<\/li>\n\n\n\n
- They want a reversal down from a lower high major trend reversal (against the all-time high), a large wedge pattern (Feb 2, July 27, and Jan 26) and from what they hope (recent pullback) is the final flag of the move.<\/li>\n\n\n\n
- They also see a micro double top (Jan 24 and Jan 26).<\/li>\n\n\n\n
- If the market trades higher, the bears hope that the Emini will stall around the trend channel line area or below the all-time high.<\/li>\n\n\n\n
- The bears will need to create consecutive bear bars closing near their lows and trading far below the 20-day EMA to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- For now, the buying pressure remains stronger (tight bull channel, small pullback) as compared with the selling pressure (e.g., weaker bear bars with no follow-through selling). <\/li>\n\n\n\n
- Odds slightly favor the market to still be Always In Long.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create sustained follow-through buying to reach the all-time high.<\/li>\n\n\n\n
- The market likely has transitioned into a bull channel phase after the recent pullback. Traders should be prepared to see more frequent minor pullbacks forming.<\/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\/2024\/01\/Emini-Weekly-Bulls-got-Follow-through-Bull-Channel-Phase-1.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This week\u2019s Emini candlestick <\/a>was a bull bar with a small tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the market to still be Always In Long. Traders will see if the bull can create a follow-through bull bar and resume the move higher.<\/li>\n\n\n\n
- The bulls got follow-through buying following last week\u2019s close above the December 28 high.<\/li>\n\n\n\n
- The move up since October is in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n
- The next target for the bulls is the all-time high. They want a strong breakout into new all-time high territory, hoping that it will lead to many months of sideways to up trading. (Side note: The cash index SPX or the SPY ETF has already broken out above the all-time high with follow-through buying this week).<\/li>\n\n\n\n
- Swing bulls would continue to hold their long position established at lower prices believing any pullback likely to be minor and the market has transitioned into a bull channel phase.<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy-vacuum test of what they believe to be a 37-month trading range high.<\/li>\n\n\n\n
- They want a reversal from a lower high major trend reversal (with the all-time high) and a large wedge pattern (Feb 2, July 27, and Jan 26). <\/li>\n\n\n\n
- They hope to get at least a TBTL (Ten Bars, Two Legs) pullback. <\/li>\n\n\n\n
- The problem with the bear\u2019s case is that the rally is very strong. The only bear bar in the rally had no follow-through selling.<\/li>\n\n\n\n
- They would need a strong reversal bar or at least a micro double top before they would think to sell aggressively.<\/li>\n\n\n\n
- If the market trades higher, the bears want the Emini to stall around the trend channel line area or below the all-time high area.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull bar closing in its upper half, it is a buy signal bar for next week.<\/li>\n\n\n\n
- Traders will see if the bull can create another follow-through bull bar and resume the move higher.<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be Always In Long. <\/li>\n\n\n\n
- The market may have transitioned into the bull channel phase following the recent pullback. Odds slightly favor pullbacks to be minor.<\/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<\/div>\n\n\n\n- \n
- The market traded higher for the week. Thursday\u2019s and Friday\u2019s candlesticks were doji(s).<\/li>\n\n\n\n
- Last week<\/a>, we said that slightly favor the market to still be Always In Long. Traders will see if the bulls can create sustained follow-through buying above the December 28 high which will increase the odds of reaching the all-time high.<\/li>\n\n\n\n
- The bulls got the follow-through buying they wanted.<\/li>\n\n\n\n
- They got a reversal from a double bottom bull flag (Jan 5 and Jan 17) or a wedge bull flag (Dec 20, Jan 5, and Jan 17). <\/li>\n\n\n\n
- They hope that the current rally will form a spike and channel which will last for many months after the recent pullback. <\/li>\n\n\n\n
- They want a resumption of the trend to retest the all-time high followed by a breakout above. (Side note: The cash index SPX or the SPY ETF has already broken out above their all-time highs with follow-through buying this week).<\/li>\n\n\n\n
- If the market trades lower, they want the 20-day EMA or the bull trend line to act as support. They want an endless pullback bull trend.<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy vacuum retest of what they believe to be a 37-month trading range high.<\/li>\n\n\n\n
- They want a reversal down from a lower high major trend reversal (against the all-time high), a large wedge pattern (Feb 2, July 27, and Jan 26) and from what they hope (recent pullback) is the final flag of the move.<\/li>\n\n\n\n
- They also see a micro double top (Jan 24 and Jan 26).<\/li>\n\n\n\n
- If the market trades higher, the bears hope that the Emini will stall around the trend channel line area or below the all-time high.<\/li>\n\n\n\n
- The bears will need to create consecutive bear bars closing near their lows and trading far below the 20-day EMA to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- For now, the buying pressure remains stronger (tight bull channel, small pullback) as compared with the selling pressure (e.g., weaker bear bars with no follow-through selling). <\/li>\n\n\n\n
- Odds slightly favor the market to still be Always In Long.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create sustained follow-through buying to reach the all-time high.<\/li>\n\n\n\n
- The market likely has transitioned into a bull channel phase after the recent pullback. Traders should be prepared to see more frequent minor pullbacks forming.<\/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 Always In Long. Traders will see if the bull can create a follow-through bull bar and resume the move higher.<\/li>\n\n\n\n