{"id":208304,"date":"2024-05-12T01:30:00","date_gmt":"2024-05-12T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=208304"},"modified":"2024-05-11T13:55:25","modified_gmt":"2024-05-11T20:55:25","slug":"emini-retest-of-the-march-high","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-retest-of-the-march-high\/","title":{"rendered":"Emini Retest of the March High"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: S&amp;P 500 Emini Futures<\/h2>\n\n\n\n<p>The weekly chart is forming an Emini retest of the March high. The bulls want a strong retest of the\u00a0March 21\u00a0high\u00a0followed by\u00a0a strong breakout above, starting the\u00a0larger\u00a0bull channel phase. The bears want at least a small second leg sideways to down after the current pullback, even if it forms a higher low.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P500 Emini futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> S&amp;P 500 Emini chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top-680x383.jpg\" alt=\"Emini Weekly: Retest Mar High? Or LH MTR \/ Double Top? Emini Retest of the March High\" class=\"wp-image-208441\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.investing.com\/indices\/us-spx-500-futures\" target=\"_blank\" rel=\"noreferrer noopener\">This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a follow-through bull bar with a small tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/minor-emini-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market could still be in the sideways to up pullback phase.\u00a0Traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.\u00a0<\/li>\n\n\n\n<li>The bulls have a strong rally in the form of a tight bull channel.\u00a0<\/li>\n\n\n\n<li>They hope\u00a0that the\u00a0rally will lead to months of sideways to up trading after a pullback (broad bull channel).<\/li>\n\n\n\n<li>They want a strong retest of the\u00a0March 21\u00a0high\u00a0followed by\u00a0a strong breakout above, starting the\u00a0larger\u00a0bull channel phase.<\/li>\n\n\n\n<li>At the very least, they hope to get a retest of the prior trend extreme high (Mar 21), even if it only leads to a lower high (thereby forming a lower high\u00a0major\u00a0trend reversal).<\/li>\n\n\n\n<li>If the market trades lower, they want the pullback to form a double bottom bull flag with April 19 low and the 20-week EMA to act as support.\u00a0<\/li>\n\n\n\n<li>The bears got a reversal from a higher high\u00a0major\u00a0trend reversal, a large wedge pattern (Feb 2,\u00a0July 27, and\u00a0Mar 21) and a final flag reversal (ioi\u00a0pattern in March).<\/li>\n\n\n\n<li>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<li>The selloff has retraced more than 5% and\u00a0has\u00a0tested the 20-week EMA.<\/li>\n\n\n\n<li>The bears want at least a small second leg sideways to down after the current pullback, even if it forms a higher low.<\/li>\n\n\n\n<li>They want a reversal from a lower high\u00a0major\u00a0trend reversal or a double top with the March 21 high.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is a bull bar closing in its upper half, it is a buy signal bar\u00a0for next week.<\/li>\n\n\n\n<li>The market could still be in the sideways to up pullback phase.\u00a0<\/li>\n\n\n\n<li>However, traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create another strong follow-through bull bar retesting the March 21 high or\u00a0will\u00a0the market\u00a0start to stall followed by a second leg sideways to down.<\/li>\n\n\n\n<li>Traders will see if the 20-week EMA will continue to\u00a0act as\u00a0support if the market retests it in the weeks ahead.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> S&amp;P 500 Emini chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Daily-Retest-High-LH-MTR-DT-Bear-Flag-or-BO.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Daily-Retest-High-LH-MTR-DT-Bear-Flag-or-BO-680x383.jpg\" alt=\"Emini Daily: Retest High, LH MTR, DT Bear Flag, or BO?\" class=\"wp-image-208451\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Daily-Retest-High-LH-MTR-DT-Bear-Flag-or-BO-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Daily-Retest-High-LH-MTR-DT-Bear-Flag-or-BO-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Daily-Retest-High-LH-MTR-DT-Bear-Flag-or-BO-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Daily-Retest-High-LH-MTR-DT-Bear-Flag-or-BO-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Daily-Retest-High-LH-MTR-DT-Bear-Flag-or-BO.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The market gapped up on Monday and traded sideways to up for the week. Friday opened higher but reversed to close with a bear body.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-emini-inside-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the selloff was strong enough for traders to expect at least a small second leg sideways to down after a pullback. Traders will also see if there will be\u00a0at least\u00a0a small retest of the prior high (Mar 21).<\/li>\n\n\n\n<li>The bears got\u00a0a reversal from\u00a0a higher high\u00a0major\u00a0trend reversal,\u00a0a large wedge pattern (Feb 2,\u00a0July 27, and\u00a0Mar 21) and a final flag reversal (first half of March).\u00a0<\/li>\n\n\n\n<li>They see the current move simply as a retest of the prior high and want a reversal from a lower high\u00a0major\u00a0trend reversal or a double top (with the\u00a0March 21\u00a0high).<\/li>\n\n\n\n<li>They want\u00a0at least a small second leg sideways\u00a0to down,\u00a0even if it only forms a higher low.<\/li>\n\n\n\n<li>The bulls got a strong rally\u00a0which\u00a0lasted over\u00a05\u00a0months.<\/li>\n\n\n\n<li>They hope\u00a0that the\u00a0current rally will form a spike and (broader) channel\u00a0which\u00a0will last for many months after a deeper pullback.<\/li>\n\n\n\n<li>They hope to get\u00a0at least\u00a0a small retest of the prior high (Mar 21)\u00a0followed by a breakout above. The pullback so far reached within 0.5% of the all-time high.<\/li>\n\n\n\n<li>The bulls will need to create a strong breakout with follow-through buying to increase the odds of\u00a0a resumption of\u00a0the trend.<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal from a double bottom bull flag (with Apr 19) and a higher low.<\/li>\n\n\n\n<li>For now, traders will see if the market will start to stall around the all-time high area. If it does, the odds of at least a small second leg sideways to down will increase.<\/li>\n\n\n\n<li>The move up to retest of the\u00a0March 21\u00a0high is strong with bull bars closing near their highs and gaps.\u00a0<\/li>\n\n\n\n<li>Some traders may be doubting the strength of the bears expecting the worst case to be trading range and not a reversal of the bull trend.\u00a0<\/li>\n\n\n\n<li>If the second leg sideways to down forms, traders will see the strength of the move.\u00a0<\/li>\n\n\n\n<li>If it is strong with big consecutive bear bars closing near their lows and breaking far below the 20-day EMA, that will increase the odds of the market retesting and possibly breaking below the April 19 Low.<\/li>\n\n\n\n<li>If the second leg sideways to down is weak (overlapping candlesticks, doji(s), and bull bars), traders will use the (second leg sideways to down) retest of the\u00a0April 19\u00a0low as an opportunity to buy instead.<\/li>\n\n\n\n<li>The selloff previously was strong enough for traders to expect at least a small second leg sideways to down after the current pullback.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Trading room<\/h2>\n\n\n\n<p>Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\">trading room<\/a>. We offer a <a rel=\"noreferrer noopener\" href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\">2 day free trial<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: S&amp;P 500 Emini Futures The weekly chart is forming an Emini retest of the March high. The bulls want a strong retest of the\u00a0March 21\u00a0high\u00a0followed by\u00a0a strong breakout above, starting the\u00a0larger\u00a0bull channel phase. The bears want at least a small second leg sideways to down after the current pullback, even if it forms [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":208441,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[153,136],"tags":[60],"class_list":{"0":"post-208304","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-sp-emini","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Emini-Weekly-Retest-Mar-High-Or-LH-MTR-Double-Top.jpg","author_info":{"display_name":"Andrew","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/andrewa\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/208304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/2836"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=208304"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/208304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/208441"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=208304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=208304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=208304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}