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-BO-Broad-Bull-Channel-or-HH-MTR-Double-Top-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was another follow-through bull bar with a prominent tail above and closing above the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market could still be in the sideways to up pullback phase.\u00a0However, traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.<\/li>\n\n\n\n
- The bulls have a strong rally in the form of a tight bull channel.\u00a0<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0rally will lead to months of sideways to up trading after a pullback (broad bull channel).\u00a0<\/li>\n\n\n\n
- They\u00a0want\u00a0a strong\u00a0a\u00a0strong\u00a0breakout above the\u00a0March 21\u00a0high\u00a0followed by\u00a0the\u00a0start of a larger\u00a0broad bull channel phase.<\/li>\n\n\n\n
- This week\u00a0traded\u00a0above the\u00a0March 21\u00a0high.\u00a0The bulls need to create a follow-through bull bar to\u00a0confirm the breakout.<\/li>\n\n\n\n
- They hope to get\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21.<\/li>\n\n\n\n
- If the market trades lower, they want the pullback to form a higher low or a double bottom bull flag with\u00a0April 19\u00a0low and the 20-week EMA to act as support.\u00a0<\/li>\n\n\n\n
- The bears got a reversal from a higher high\u00a0major\u00a0trend reversal (against 2021 high), 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
- 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 initial pullback retraced more than 5% and\u00a0has\u00a0tested the 20-week EMA. However, the bears\u00a0were not able to\u00a0create the second leg sideways to down.<\/li>\n\n\n\n
- They want a reversal from a higher high\u00a0major\u00a0trend reversal or a double top with the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- At the very least, they want a retest of the\u00a0April 19\u00a0low, even if it forms a higher low.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bull bar closing in its upper half, it is a buy signal bar\u00a0for next week\u00a0albeit\u00a0weaker\u00a0(prominent tail above) and at a potential resistance area (prior high).<\/li>\n\n\n\n
- The market could still be in the sideways to up pullback phase.\u00a0<\/li>\n\n\n\n
- However, traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.\u00a0This\u00a0remains true.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create another\u00a0strong follow-through bull bar or\u00a0will\u00a0the market\u00a0start\u00a0to\u00a0stall\u00a0followed by a retest of the\u00a0April 19\u00a0low in the weeks ahead.<\/li>\n\n\n\n
- If the market trades lower, traders will see if the 20-week EMA will continue\u00a0to\u00a0act as\u00a0support.<\/li>\n\n\n\n
- If\u00a0the retest of\u00a0the\u00a0April 19\u00a0low is weak, we may\u00a0be entering\u00a0into a broad bull channel or a trading range phase.<\/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\/05\/Emini-Daily-BO-PB-Broad-Bull-Channel-or-HH-MTR-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market gapped up on Wednesday and broke above the all-time high.\u00a0Thursday traded higher but reversed into a bear\u00a0doji. Friday was a small bull doji.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the market would 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
- The bears got\u00a0a reversal from\u00a0a higher high\u00a0major\u00a0trend reversal (against 2021 high),\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
- They see the current move simply as a retest of the prior high and\u00a0want a reversal from a higher high\u00a0major\u00a0trend reversal\u00a0or a double top (with the\u00a0March 21\u00a0high).<\/li>\n\n\n\n
- They want\u00a0a retest of the\u00a0April 19\u00a0low,\u00a0even if it only forms a higher low.<\/li>\n\n\n\n
- Previously, the bulls got a strong rally\u00a0which\u00a0lasted over\u00a05\u00a0months.<\/li>\n\n\n\n
- 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
- They got a breakout above the prior high (Mar 21), but the follow-through buying was limited.<\/li>\n\n\n\n
- They hope\u00a0that Thursday\u00a0and Friday were simply a pullback and want another leg up\u00a0trading\u00a0far above the\u00a0March 21\u00a0high.\u00a0<\/li>\n\n\n\n
- They hope that the broad bull channel phase has begun.<\/li>\n\n\n\n
- The move up to retest the\u00a0March 21\u00a0high is strong\u00a0with\u00a0bull bars closing near their highs and gaps.\u00a0<\/li>\n\n\n\n
- Traders may be doubting the strength of the bears\u00a0expecting\u00a0the worst case to be trading range and not a reversal of the bull trend.\u00a0<\/li>\n\n\n\n
- The bulls will need to create a strong breakout\u00a0with follow-through buying to increase the odds of\u00a0a resumption of\u00a0the trend.<\/li>\n\n\n\n
- If the market trades lower, they want a reversal\u00a0from a double bottom bull flag (with\u00a0Apr 19) and a higher low.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a\u00a0strong\u00a0breakout above the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- Or will the market start to stall around the\u00a0all-time high area? If it does, the odds of a retest of the\u00a0April 19\u00a0low will increase.<\/li>\n\n\n\n
- If a retest of the\u00a0April 19\u00a0low forms, traders will see the\u00a0strength of the move.\u00a0<\/li>\n\n\n\n
- If it is strong\u00a0with\u00a0big 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\u00a0April 19\u00a0Low.<\/li>\n\n\n\n
- 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, expecting a possible broad bull channel or a trading range phase.<\/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-Weekly-BO-Broad-Bull-Channel-or-HH-MTR-Double-Top.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was another follow-through bull bar with a prominent tail above and closing above the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market could still be in the sideways to up pullback phase.\u00a0However, traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.<\/li>\n\n\n\n
- The bulls have a strong rally in the form of a tight bull channel.\u00a0<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0rally will lead to months of sideways to up trading after a pullback (broad bull channel).\u00a0<\/li>\n\n\n\n
- They\u00a0want\u00a0a strong\u00a0a\u00a0strong\u00a0breakout above the\u00a0March 21\u00a0high\u00a0followed by\u00a0the\u00a0start of a larger\u00a0broad bull channel phase.<\/li>\n\n\n\n
- This week\u00a0traded\u00a0above the\u00a0March 21\u00a0high.\u00a0The bulls need to create a follow-through bull bar to\u00a0confirm the breakout.<\/li>\n\n\n\n
- They hope to get\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21.<\/li>\n\n\n\n
- If the market trades lower, they want the pullback to form a higher low or a double bottom bull flag with\u00a0April 19\u00a0low and the 20-week EMA to act as support.\u00a0<\/li>\n\n\n\n
- The bears got a reversal from a higher high\u00a0major\u00a0trend reversal (against 2021 high), 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
- 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 initial pullback retraced more than 5% and\u00a0has\u00a0tested the 20-week EMA. However, the bears\u00a0were not able to\u00a0create the second leg sideways to down.<\/li>\n\n\n\n
- They want a reversal from a higher high\u00a0major\u00a0trend reversal or a double top with the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- At the very least, they want a retest of the\u00a0April 19\u00a0low, even if it forms a higher low.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bull bar closing in its upper half, it is a buy signal bar\u00a0for next week\u00a0albeit\u00a0weaker\u00a0(prominent tail above) and at a potential resistance area (prior high).<\/li>\n\n\n\n
- The market could still be in the sideways to up pullback phase.\u00a0<\/li>\n\n\n\n
- However, traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.\u00a0This\u00a0remains true.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create another\u00a0strong follow-through bull bar or\u00a0will\u00a0the market\u00a0start\u00a0to\u00a0stall\u00a0followed by a retest of the\u00a0April 19\u00a0low in the weeks ahead.<\/li>\n\n\n\n
- If the market trades lower, traders will see if the 20-week EMA will continue\u00a0to\u00a0act as\u00a0support.<\/li>\n\n\n\n
- If\u00a0the retest of\u00a0the\u00a0April 19\u00a0low is weak, we may\u00a0be entering\u00a0into a broad bull channel or a trading range phase.<\/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 gapped up on Wednesday and broke above the all-time high.\u00a0Thursday traded higher but reversed into a bear\u00a0doji. Friday was a small bull doji.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the market would 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
- The bears got\u00a0a reversal from\u00a0a higher high\u00a0major\u00a0trend reversal (against 2021 high),\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
- They see the current move simply as a retest of the prior high and\u00a0want a reversal from a higher high\u00a0major\u00a0trend reversal\u00a0or a double top (with the\u00a0March 21\u00a0high).<\/li>\n\n\n\n
- They want\u00a0a retest of the\u00a0April 19\u00a0low,\u00a0even if it only forms a higher low.<\/li>\n\n\n\n
- Previously, the bulls got a strong rally\u00a0which\u00a0lasted over\u00a05\u00a0months.<\/li>\n\n\n\n
- 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
- They got a breakout above the prior high (Mar 21), but the follow-through buying was limited.<\/li>\n\n\n\n
- They hope\u00a0that Thursday\u00a0and Friday were simply a pullback and want another leg up\u00a0trading\u00a0far above the\u00a0March 21\u00a0high.\u00a0<\/li>\n\n\n\n
- They hope that the broad bull channel phase has begun.<\/li>\n\n\n\n
- The move up to retest the\u00a0March 21\u00a0high is strong\u00a0with\u00a0bull bars closing near their highs and gaps.\u00a0<\/li>\n\n\n\n
- Traders may be doubting the strength of the bears\u00a0expecting\u00a0the worst case to be trading range and not a reversal of the bull trend.\u00a0<\/li>\n\n\n\n
- The bulls will need to create a strong breakout\u00a0with follow-through buying to increase the odds of\u00a0a resumption of\u00a0the trend.<\/li>\n\n\n\n
- If the market trades lower, they want a reversal\u00a0from a double bottom bull flag (with\u00a0Apr 19) and a higher low.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a\u00a0strong\u00a0breakout above the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- Or will the market start to stall around the\u00a0all-time high area? If it does, the odds of a retest of the\u00a0April 19\u00a0low will increase.<\/li>\n\n\n\n
- If a retest of the\u00a0April 19\u00a0low forms, traders will see the\u00a0strength of the move.\u00a0<\/li>\n\n\n\n
- If it is strong\u00a0with\u00a0big 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\u00a0April 19\u00a0Low.<\/li>\n\n\n\n
- 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, expecting a possible broad bull channel or a trading range phase.<\/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 market could still be in the sideways to up pullback phase.\u00a0However, traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.<\/li>\n\n\n\n