The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Emini-Weekly-Parabolic-Wedge-TCL-Overshoot-Strong-Bulls-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was another follow-through bull bar closing near its high and above the trend channel line.<\/li>\n\n\n\n
- Last week<\/a>, we said that while the market continues to be Always In Long, the rally has lasted a long time and is slightly climactic. Traders expect a minor pullback and are looking for signs of this.\u00a0<\/li>\n\n\n\n
- This week tested and closed above the all-time high.<\/li>\n\n\n\n
- The bulls continue to get follow-through buying in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n
- They want a strong breakout into a new all-time high territory, hoping that it will lead to many months of sideways to up trading. <\/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 38-month trading range high.<\/li>\n\n\n\n
- They want a reversal from a double top (with the all-time high) and a large wedge pattern (Feb 2, July 27, and Feb 9). They want a failed breakout above the all-time high and the trend channel line.<\/li>\n\n\n\n
- They also see a parabolic wedge in the third leg up since October (Nov 22, Dec 28, and Feb 9).<\/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, a micro double top or a reasonable signal bar before traders would think to sell aggressively.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a 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. A gap late in a trend often becomes an exhaustion gap.<\/li>\n\n\n\n
- Traders will see if the bull can create another follow-through bull bar and resume the move higher. Or will the market stall around the all-time high area?<\/li>\n\n\n\n
- While the market continues to be Always In Long, the rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders expect a minor pullback and are looking for signs of this. So far, there are none yet.<\/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\/02\/Emini-Daily-Tight-Bull-Channel-Parabolic-Wedge-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded sideways to up for the week, breaking above the all-time high.<\/li>\n\n\n\n
- Previously<\/a>, we said that odds slightly favor the market to still be Always In Long. Traders will see if the bulls can continue to create sustained follow-through buying to reach the previous all-time high.<\/li>\n\n\n\n
- This week tested the all-time high. The bulls got what they wanted.<\/li>\n\n\n\n
- They got the third leg up 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 (in Jan).<\/li>\n\n\n\n
- They want a strong breakout above the all-time high with follow-through buying.<\/li>\n\n\n\n
- If there is a deeper pullback, the bulls want at least a small sideways to up leg to retest the current trend extreme high (now Feb 9).<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy vacuum retest of the all-time high.<\/li>\n\n\n\n
- They want a reversal down from a double top (with the all-time high), a large wedge pattern (Feb 2, July 27, and Feb 9) and a parabolic wedge (Nov 22, Dec 28, and Feb 9).<\/li>\n\n\n\n
- If the market continues higher, the bears want a failed breakout above 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 and the bear trend line 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
- Friday was a bull bar closing near its high. The market may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Gaps late in a trend may turn out to be exhaustion gaps, rather than a new breakout or a measuring gap.<\/li>\n\n\n\n
- Odds slightly favor the market to still be Always In Long.<\/li>\n\n\n\n
- However, the rally has lasted a long time and is slightly climactic. <\/li>\n\n\n\n
- While there are no signs of selling pressure yet, traders should be prepared for a minor pullback which can begin within a few weeks.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create sustained follow-through buying above the all-time high or not.<\/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\/02\/Emini-Weekly-Parabolic-Wedge-TCL-Overshoot-Strong-Bulls.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This week\u2019s Emini candlestick <\/a>was another follow-through bull bar closing near its high and above the trend channel line.<\/li>\n\n\n\n
- Last week<\/a>, we said that while the market continues to be Always In Long, the rally has lasted a long time and is slightly climactic. Traders expect a minor pullback and are looking for signs of this.\u00a0<\/li>\n\n\n\n
- This week tested and closed above the all-time high.<\/li>\n\n\n\n
- The bulls continue to get follow-through buying in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n
- They want a strong breakout into a new all-time high territory, hoping that it will lead to many months of sideways to up trading. <\/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 38-month trading range high.<\/li>\n\n\n\n
- They want a reversal from a double top (with the all-time high) and a large wedge pattern (Feb 2, July 27, and Feb 9). They want a failed breakout above the all-time high and the trend channel line.<\/li>\n\n\n\n
- They also see a parabolic wedge in the third leg up since October (Nov 22, Dec 28, and Feb 9).<\/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, a micro double top or a reasonable signal bar before traders would think to sell aggressively.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a 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. A gap late in a trend often becomes an exhaustion gap.<\/li>\n\n\n\n
- Traders will see if the bull can create another follow-through bull bar and resume the move higher. Or will the market stall around the all-time high area?<\/li>\n\n\n\n
- While the market continues to be Always In Long, the rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders expect a minor pullback and are looking for signs of this. So far, there are none yet.<\/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 sideways to up for the week, breaking above the all-time high.<\/li>\n\n\n\n
- Previously<\/a>, we said that odds slightly favor the market to still be Always In Long. Traders will see if the bulls can continue to create sustained follow-through buying to reach the previous all-time high.<\/li>\n\n\n\n
- This week tested the all-time high. The bulls got what they wanted.<\/li>\n\n\n\n
- They got the third leg up 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 (in Jan).<\/li>\n\n\n\n
- They want a strong breakout above the all-time high with follow-through buying.<\/li>\n\n\n\n
- If there is a deeper pullback, the bulls want at least a small sideways to up leg to retest the current trend extreme high (now Feb 9).<\/li>\n\n\n\n
- The bears hope that the strong rally is simply a buy vacuum retest of the all-time high.<\/li>\n\n\n\n
- They want a reversal down from a double top (with the all-time high), a large wedge pattern (Feb 2, July 27, and Feb 9) and a parabolic wedge (Nov 22, Dec 28, and Feb 9).<\/li>\n\n\n\n
- If the market continues higher, the bears want a failed breakout above 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 and the bear trend line 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
- Friday was a bull bar closing near its high. The market may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Gaps late in a trend may turn out to be exhaustion gaps, rather than a new breakout or a measuring gap.<\/li>\n\n\n\n
- Odds slightly favor the market to still be Always In Long.<\/li>\n\n\n\n
- However, the rally has lasted a long time and is slightly climactic. <\/li>\n\n\n\n
- While there are no signs of selling pressure yet, traders should be prepared for a minor pullback which can begin within a few weeks.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create sustained follow-through buying above the all-time high or not.<\/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 while the market continues to be Always In Long, the rally has lasted a long time and is slightly climactic. Traders expect a minor pullback and are looking for signs of this.\u00a0<\/li>\n\n\n\n