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-No-FT-Bull-Bar-PB-or-Stalling-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bear doji with tails above and below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market could still be in the sideways to up pullback phase\u00a0and\u00a0traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.<\/li>\n\n\n\n
- The market made a new high\u00a0but\u00a0the bulls did not get a follow-through bull bar following last\u00a0week’s\u00a0breakout above the March 21 high.<\/li>\n\n\n\n
- The bulls hope\u00a0that the\u00a0rally will lead to months of sideways to up trading after the recent pullback (broad bull channel).\u00a0They hope that the\u00a0broad bull channel phase has begun.<\/li>\n\n\n\n
- They see this week simply as a pullback and want the market to continue higher.<\/li>\n\n\n\n
- They have a 6-bar bull microchannel\u00a0which\u00a0means persistent buying.\u00a0There may be buyers\u00a0below the first pullback from such a strong bull micro channel.<\/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
- Previously, 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
- The selloff 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 now want a reversal from a higher high\u00a0major\u00a0trend reversal or a double top with the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- They want a TBTL (Ten Bars, Two Legs) pullback trading far below the 20-week EMA.<\/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
- The bears need to create\u00a0a few\u00a0strong bear bars to increase the odds of retesting the April 19 low.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear doji closing around the middle of its range, it is a neutral signal bar for next week.\u00a0<\/li>\n\n\n\n
- The market could still be in the sideways to up phase.\u00a0<\/li>\n\n\n\n
- For now, traders will see if the bulls can create another\u00a0bull bar or\u00a0will\u00a0the market\u00a0continue\u00a0to\u00a0stall\u00a0(around the all-time high area)\u00a0followed by a retest of the\u00a0April 19\u00a0low in the weeks ahead.<\/li>\n\n\n\n
- Moving forward,\u00a0if the market has entered a broad bull channel or a trading range phase, traders should expect more two-sided trading.<\/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-No-Bear-FT-Selling-IOI-Pattern-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded sideways earlier in the week. Thursday gapped higher but reversed into a big outside bear bar. Friday gapped up and closed as a small bull inside bar.\u00a0<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bulls can create a\u00a0strong\u00a0breakout above the\u00a0March 21\u00a0high or\u00a0will\u00a0the market\u00a0start\u00a0to stall around the\u00a0all-time high area.<\/li>\n\n\n\n
- So far, the market is stalling around the all-time high area.<\/li>\n\n\n\n
- Previously, 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 a two-legged pullback lasting at least a few weeks.<\/li>\n\n\n\n
- At the very least, they want\u00a0a retest of the\u00a0April 19\u00a0low,\u00a0even if it only forms a higher low.<\/li>\n\n\n\n
- While the bears got a strong outside bear bar on Thursday, they\u00a0were not able to\u00a0get follow-through selling on Friday, which indicates that they are not yet as strong as they would like to be.<\/li>\n\n\n\n
- They want a breakout below the ioi (inside-outside-inside) pattern with strong consecutive bear bars closing near their lows to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- The bulls hope\u00a0that\u00a0the\u00a0current rally will form a spike and (broader) channel\u00a0which\u00a0will last for many months.\u00a0They hope that the broad bull channel phase has begun.<\/li>\n\n\n\n
- They got a breakout above the prior high (Mar 21), but the follow-through buying is limited so far.<\/li>\n\n\n\n
- They see the small trading range (last\u00a08\u00a0candlesticks)\u00a0simply\u00a0as a\u00a0small\u00a0pullback and want the market to resume higher.<\/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
- They want the 20-day EMA to act as support.<\/li>\n\n\n\n
- So far, the market is stalling around the\u00a0all-time high area.\u00a0<\/li>\n\n\n\n
- The market formed an ioi (inside-outside-inside) breakout mode pattern. The bulls want a breakout\u00a0above\u00a0while the bears want a breakout below the ioi pattern.<\/li>\n\n\n\n
- Because Friday was a bull bar closing near its high, the odds slightly favour the first breakout\u00a0to be\u00a0above\u00a0Friday’s\u00a0high. The first breakout can fail 50% of the time.<\/li>\n\n\n\n
- Traders will see if the bulls can create a breakout with follow-through buying or\u00a0will\u00a0the market\u00a0continue\u00a0to stall around the all-time high area.<\/li>\n\n\n\n
- If the market continues to stall around the all-time high area, we may\u00a0start to\u00a0see more profit-taking activity in the weeks ahead.<\/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-No-FT-Bull-Bar-PB-or-Stalling.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bear doji with tails above and below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market could still be in the sideways to up pullback phase\u00a0and\u00a0traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.<\/li>\n\n\n\n
- The market made a new high\u00a0but\u00a0the bulls did not get a follow-through bull bar following last\u00a0week’s\u00a0breakout above the March 21 high.<\/li>\n\n\n\n
- The bulls hope\u00a0that the\u00a0rally will lead to months of sideways to up trading after the recent pullback (broad bull channel).\u00a0They hope that the\u00a0broad bull channel phase has begun.<\/li>\n\n\n\n
- They see this week simply as a pullback and want the market to continue higher.<\/li>\n\n\n\n
- They have a 6-bar bull microchannel\u00a0which\u00a0means persistent buying.\u00a0There may be buyers\u00a0below the first pullback from such a strong bull micro channel.<\/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
- Previously, 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
- The selloff 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 now want a reversal from a higher high\u00a0major\u00a0trend reversal or a double top with the\u00a0March 21\u00a0high.<\/li>\n\n\n\n
- They want a TBTL (Ten Bars, Two Legs) pullback trading far below the 20-week EMA.<\/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
- The bears need to create\u00a0a few\u00a0strong bear bars to increase the odds of retesting the April 19 low.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear doji closing around the middle of its range, it is a neutral signal bar for next week.\u00a0<\/li>\n\n\n\n
- The market could still be in the sideways to up phase.\u00a0<\/li>\n\n\n\n
- For now, traders will see if the bulls can create another\u00a0bull bar or\u00a0will\u00a0the market\u00a0continue\u00a0to\u00a0stall\u00a0(around the all-time high area)\u00a0followed by a retest of the\u00a0April 19\u00a0low in the weeks ahead.<\/li>\n\n\n\n
- Moving forward,\u00a0if the market has entered a broad bull channel or a trading range phase, traders should expect more two-sided trading.<\/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 traded sideways earlier in the week. Thursday gapped higher but reversed into a big outside bear bar. Friday gapped up and closed as a small bull inside bar.\u00a0<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bulls can create a\u00a0strong\u00a0breakout above the\u00a0March 21\u00a0high or\u00a0will\u00a0the market\u00a0start\u00a0to stall around the\u00a0all-time high area.<\/li>\n\n\n\n
- So far, the market is stalling around the all-time high area.<\/li>\n\n\n\n
- Previously, 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 a two-legged pullback lasting at least a few weeks.<\/li>\n\n\n\n
- At the very least, they want\u00a0a retest of the\u00a0April 19\u00a0low,\u00a0even if it only forms a higher low.<\/li>\n\n\n\n
- While the bears got a strong outside bear bar on Thursday, they\u00a0were not able to\u00a0get follow-through selling on Friday, which indicates that they are not yet as strong as they would like to be.<\/li>\n\n\n\n
- They want a breakout below the ioi (inside-outside-inside) pattern with strong consecutive bear bars closing near their lows to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- The bulls hope\u00a0that\u00a0the\u00a0current rally will form a spike and (broader) channel\u00a0which\u00a0will last for many months.\u00a0They hope that the broad bull channel phase has begun.<\/li>\n\n\n\n
- They got a breakout above the prior high (Mar 21), but the follow-through buying is limited so far.<\/li>\n\n\n\n
- They see the small trading range (last\u00a08\u00a0candlesticks)\u00a0simply\u00a0as a\u00a0small\u00a0pullback and want the market to resume higher.<\/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
- They want the 20-day EMA to act as support.<\/li>\n\n\n\n
- So far, the market is stalling around the\u00a0all-time high area.\u00a0<\/li>\n\n\n\n
- The market formed an ioi (inside-outside-inside) breakout mode pattern. The bulls want a breakout\u00a0above\u00a0while the bears want a breakout below the ioi pattern.<\/li>\n\n\n\n
- Because Friday was a bull bar closing near its high, the odds slightly favour the first breakout\u00a0to be\u00a0above\u00a0Friday’s\u00a0high. The first breakout can fail 50% of the time.<\/li>\n\n\n\n
- Traders will see if the bulls can create a breakout with follow-through buying or\u00a0will\u00a0the market\u00a0continue\u00a0to stall around the all-time high area.<\/li>\n\n\n\n
- If the market continues to stall around the all-time high area, we may\u00a0start to\u00a0see more profit-taking activity in the weeks ahead.<\/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\u00a0and\u00a0traders should be open to\u00a0the possibility of\u00a0a second leg sideways to down after the current pullback.<\/li>\n\n\n\n