The Monthly<\/em> Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Monthly-PB-or-Higher-High-MTR-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The\u00a0April monthly Emini candlestick<\/a>\u00a0was a bear bar closing below March\u2019s low with a prominent tail below.<\/li>\n\n\n\n
- Last month<\/a>, we said that until the bears can create a strong sell signal bar, odds continue to favor the market to trade sideways to up.<\/li>\n\n\n\n
- April\u2019s candlestick formed a sell signal bar following 5 months of strong rally.<\/li>\n\n\n\n
- The bulls got a strong rally starting in October in the form of a 6-bar bull microchannel.<\/li>\n\n\n\n
- Sometimes, there may be buyers below the first pullback following such a strong bull microchannel.<\/li>\n\n\n\n
- If there is a deeper pullback, the bulls want another strong leg up completing the wedge pattern with the first two legs being July 27 and March 21. <\/li>\n\n\n\n
- They want any pullback to be sideways and shallow (filled with weak bear bars, bull bars, doji(s) and overlapping candlesticks). <\/li>\n\n\n\n
- They want the pullback to form a higher low and the 20-month EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a failed breakout above the all-time high, a reversal from a higher high major trend reversal and a large wedge pattern (Dec 2, July 27, and March 21).<\/li>\n\n\n\n
- They got a sell signal bar in April. They will need to create follow-through selling to increase the odds of testing the 20-month EMA.<\/li>\n\n\n\n
- Since April was a bear bar closing in its lower half, it is a sell signal bar for May.<\/li>\n\n\n\n
- The market remains Always In Long and the move up from October is in a 6-bar bull microchannel. <\/li>\n\n\n\n
- There may be buyers below the first pullback from such a strong bull microchannel (perhaps holding the market up in the first half of May).<\/li>\n\n\n\n
- The rally has lasted a long time and is slightly climactic. April was the first sign of a possible pullback phase.<\/li>\n\n\n\n
- For now, the bears need to create follow-through selling to increase the odds of the pullback phase lasting at least 2-3 months.<\/li>\n\n\n\n
- Traders will see if the bears can get a follow-through bear bar, or will the market reverse up retesting the prior high (Mar 21) instead.<\/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\/2024\/05\/Emini-Weekly-PB-then-2nd-Leg-Down-Or-Retest-Mar-High-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This week\u2019s Emini candlestick <\/a>was a bull doji with a long tail below closing near its high and trading above the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bulls can create a strong follow-through bull bar this week. The stronger the pullback (bounce), the more it will cast doubt on the strength of the bear\u2019s resolve.<\/li>\n\n\n\n
- The market traded sideways to down for most of the week but gaped up on Friday and closed the week as a bull doji with a long tail below. The bulls managed to get a follow-through bar albeit not a strong one.<\/li>\n\n\n\n
- The bulls have a strong rally in the form of a tight bull channel. <\/li>\n\n\n\n
- They hope that the rally will lead to months of sideways to up trading after a pullback (broad bull channel).<\/li>\n\n\n\n
- They want a strong retest of the March 21 high followed by a strong breakout above, starting the larger bull channel phase.<\/li>\n\n\n\n
- At the very least, they hope to get a small retest of the prior trend extreme high (Mar 21), even if it only leads to a lower high (thereby forming a lower high major trend reversal).<\/li>\n\n\n\n
- If the market trades lower, they want the 20-week EMA to continue acting as support. <\/li>\n\n\n\n
- The bears got a reversal from a higher high major trend reversal and a large wedge pattern (Feb 2, July 27, and Mar 21),<\/li>\n\n\n\n
- They also got a final flag reversal (ioi pattern in March).<\/li>\n\n\n\n
- They hope to get a TBTL (Ten Bars, Two Legs) pullback of at least 5-to-10%. They want at least a test of the 20-week EMA.<\/li>\n\n\n\n
- The selloff has retraced more than 5% and has tested the 20-week EMA.<\/li>\n\n\n\n
- The bears want at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a lower high major trend reversal.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull doji with a long tail below, it is a buy signal bar albeit weaker.<\/li>\n\n\n\n
- The market could still be in the sideways to up pullback phase. <\/li>\n\n\n\n
- However, traders should be open to the possibility of a second leg sideways to down after the current pullback. <\/li>\n\n\n\n
- Traders will see if the 20-week EMA will continue to act as support if the market retests it in the weeks ahead.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong follow-through bull bar or will the market stall around the current levels followed by a second leg sideways to down.<\/li>\n\n\n\n
- If the market retests the March 21 high instead but is weak (with doji(s), bear bars, and overlapping candlesticks), the odds of another strong leg down from a lower high major trend reversal will increase.<\/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\/05\/Emini-Monthly-PB-or-Higher-High-MTR.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The\u00a0April monthly Emini candlestick<\/a>\u00a0was a bear bar closing below March\u2019s low with a prominent tail below.<\/li>\n\n\n\n
- Last month<\/a>, we said that until the bears can create a strong sell signal bar, odds continue to favor the market to trade sideways to up.<\/li>\n\n\n\n
- April\u2019s candlestick formed a sell signal bar following 5 months of strong rally.<\/li>\n\n\n\n
- The bulls got a strong rally starting in October in the form of a 6-bar bull microchannel.<\/li>\n\n\n\n
- Sometimes, there may be buyers below the first pullback following such a strong bull microchannel.<\/li>\n\n\n\n
- If there is a deeper pullback, the bulls want another strong leg up completing the wedge pattern with the first two legs being July 27 and March 21. <\/li>\n\n\n\n
- They want any pullback to be sideways and shallow (filled with weak bear bars, bull bars, doji(s) and overlapping candlesticks). <\/li>\n\n\n\n
- They want the pullback to form a higher low and the 20-month EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a failed breakout above the all-time high, a reversal from a higher high major trend reversal and a large wedge pattern (Dec 2, July 27, and March 21).<\/li>\n\n\n\n
- They got a sell signal bar in April. They will need to create follow-through selling to increase the odds of testing the 20-month EMA.<\/li>\n\n\n\n
- Since April was a bear bar closing in its lower half, it is a sell signal bar for May.<\/li>\n\n\n\n
- The market remains Always In Long and the move up from October is in a 6-bar bull microchannel. <\/li>\n\n\n\n
- There may be buyers below the first pullback from such a strong bull microchannel (perhaps holding the market up in the first half of May).<\/li>\n\n\n\n
- The rally has lasted a long time and is slightly climactic. April was the first sign of a possible pullback phase.<\/li>\n\n\n\n
- For now, the bears need to create follow-through selling to increase the odds of the pullback phase lasting at least 2-3 months.<\/li>\n\n\n\n
- Traders will see if the bears can get a follow-through bear bar, or will the market reverse up retesting the prior high (Mar 21) instead.<\/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<\/div>\n\n\n\n- \n
- This week\u2019s Emini candlestick <\/a>was a bull doji with a long tail below closing near its high and trading above the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bulls can create a strong follow-through bull bar this week. The stronger the pullback (bounce), the more it will cast doubt on the strength of the bear\u2019s resolve.<\/li>\n\n\n\n
- The market traded sideways to down for most of the week but gaped up on Friday and closed the week as a bull doji with a long tail below. The bulls managed to get a follow-through bar albeit not a strong one.<\/li>\n\n\n\n
- The bulls have a strong rally in the form of a tight bull channel. <\/li>\n\n\n\n
- They hope that the rally will lead to months of sideways to up trading after a pullback (broad bull channel).<\/li>\n\n\n\n
- They want a strong retest of the March 21 high followed by a strong breakout above, starting the larger bull channel phase.<\/li>\n\n\n\n
- At the very least, they hope to get a small retest of the prior trend extreme high (Mar 21), even if it only leads to a lower high (thereby forming a lower high major trend reversal).<\/li>\n\n\n\n
- If the market trades lower, they want the 20-week EMA to continue acting as support. <\/li>\n\n\n\n
- The bears got a reversal from a higher high major trend reversal and a large wedge pattern (Feb 2, July 27, and Mar 21),<\/li>\n\n\n\n
- They also got a final flag reversal (ioi pattern in March).<\/li>\n\n\n\n
- They hope to get a TBTL (Ten Bars, Two Legs) pullback of at least 5-to-10%. They want at least a test of the 20-week EMA.<\/li>\n\n\n\n
- The selloff has retraced more than 5% and has tested the 20-week EMA.<\/li>\n\n\n\n
- The bears want at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal from a lower high major trend reversal.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull doji with a long tail below, it is a buy signal bar albeit weaker.<\/li>\n\n\n\n
- The market could still be in the sideways to up pullback phase. <\/li>\n\n\n\n
- However, traders should be open to the possibility of a second leg sideways to down after the current pullback. <\/li>\n\n\n\n
- Traders will see if the 20-week EMA will continue to act as support if the market retests it in the weeks ahead.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong follow-through bull bar or will the market stall around the current levels followed by a second leg sideways to down.<\/li>\n\n\n\n
- If the market retests the March 21 high instead but is weak (with doji(s), bear bars, and overlapping candlesticks), the odds of another strong leg down from a lower high major trend reversal will increase.<\/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 traders would see if the bulls can create a strong follow-through bull bar this week. The stronger the pullback (bounce), the more it will cast doubt on the strength of the bear\u2019s resolve.<\/li>\n\n\n\n
- Last month<\/a>, we said that until the bears can create a strong sell signal bar, odds continue to favor the market to trade sideways to up.<\/li>\n\n\n\n