{"id":209312,"date":"2024-05-31T06:48:06","date_gmt":"2024-05-31T13:48:06","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=209312"},"modified":"2024-05-31T15:13:41","modified_gmt":"2024-05-31T22:13:41","slug":"emini-bears-want-2nd-leg-down-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-bears-want-2nd-leg-down-2\/","title":{"rendered":"Emini Bears Want 2nd Leg Down"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday May 31, 2024<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P Emini pre-open market analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Emini daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini formed a second leg down yesterday, following the May 23<sup>rd<\/sup> and a test of the April 29th high. <\/li>\n\n\n\n<li>However, the Emini went sideways for three days following the May 23<sup>rd<\/sup> breakout.<\/li>\n\n\n\n<li>This is a sign of trading range price action and more sideways trading.<\/li>\n\n\n\n<li>Because the daily chart is in a trading range, the odds favor breakout points will get tested and closed. A logical breakout point to get tested is the April 29<sup>th<\/sup> high, and the market will probably reach over the next several weeks.<\/li>\n\n\n\n<li>The bears are hopeful that the market is forming a higher high major trend reversal on the daily chart.<\/li>\n\n\n\n<li>While a higher high major trend reversal is possible, more likely, the market is going to continue to go sideways in a trading range.<\/li>\n\n\n\n<li>Because the market is more likely to go sideways, traders can wait for a credible lower higher major trend reversal, a head and shoulders top, before looking to sell.<\/li>\n\n\n\n<li>Overall, the market is in a large trading range on the daily chart. This means traders should expect sideways trading for the next several days. Today will probably do something to disappoint the bears.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini 5-minute chart and what to expect today<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The globex market formed a strong upside breakout during the 8:30 AM EST report. The rally is strong enough that the market will likely get a second leg up, even if there is a deep pullback first.<\/li>\n\n\n\n<li>The U.S. session will probably form a trading range open and go sideways for the first several bars. &nbsp;This means traders should consider waiting for 6-12 bars before trading.<\/li>\n\n\n\n<li>There is an 80% chance of a trading range open and only a 20% chance of a trend from the open. This means there is an 80% chance that the open will form a variation of a double top\/bottom or a wedge top\/bottom.<\/li>\n\n\n\n<li>Traders should try and catch the opening swing that often begins before the end of the second hour, after the formation of one of the above-mentioned patterns.<\/li>\n\n\n\n<li>Traders should pay attention to yesterday\u2019s high as it is likely a magnet.<\/li>\n\n\n\n<li>Today is also the final day of the month and the week. This increases the risk of a surprise breakout late in the day as traders decide on the close of both the weekly and monthly charts.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yesterday&#8217;s Emini setups<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Then-Double-Top.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Then-Double-Top-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Wedge Bottom Then Double Top\" class=\"wp-image-209701\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Then-Double-Top-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Then-Double-Top-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Then-Double-Top-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Then-Double-Top.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<p class=\"caption\">Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a near 4-year library of more detailed explanations of swing trade setups (see Online Course\/BTC Daily Setups). Encyclopedia members get current daily charts added to Encyclopedia.<\/p>\n\n\n\n<p class=\"caption\">My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or nearly Always In a position all day, and he was not currently in the market, these entries would be logical times for him to enter. These therefore are swing entries.<\/p>\n\n\n\n<p class=\"caption\">It is important to understand that most swing setups do not lead to swing trades. As soon as traders are disappointed, many exit. Those who exit prefer to get out with a small profit (scalp), but often have to exit with a small loss.<\/p>\n\n\n\n<p class=\"caption\">If the risk is too big for your account, you should wait for trades with less risk or trade an alternative market like the Micro Emini.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">EURUSD Forex market trading strategies<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">EURUSD Forex daily chart<\/h3>\n\n\n\n\n\n<ul class=\"wp-block-list\">\n<li>I will post update after market close.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini price action<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Bear-Trend-From-Open-Then-Reversal-Up.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Bear-Trend-From-Open-Then-Reversal-Up-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Bear Trend From Open Then Reversal Up\" class=\"wp-image-209728\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Bear-Trend-From-Open-Then-Reversal-Up-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Bear-Trend-From-Open-Then-Reversal-Up-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Bear-Trend-From-Open-Then-Reversal-Up-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Bear-Trend-From-Open-Then-Reversal-Up.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<p><em>See the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">weekly update<\/a> for a discussion of the price action on the weekly chart and for what to expect going into next week.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\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 href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a> days. We offer a <a href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\" rel=\"noreferrer noopener\">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\">Charts use Pacific Time<\/h3>\n\n\n\n<p>When times are mentioned, it is USA Pacific Time. The Emini day session charts begin at 6:30 am PT and end at 1:15 pm PT which is 15 minutes after the NYSE closes. You can read background information on the market reports on the <a href=\"https:\/\/www.brookstradingcourse.com\/blog\/market-update\/\" target=\"_blank\" rel=\"noreferrer noopener\">Market Update<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Trading Update: Friday May 31, 2024 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Yesterday&#8217;s Emini setups Al created the SP500 Emini charts. Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":209701,"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":[281,60],"class_list":{"0":"post-209312","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-eurusd-forex","10":"tag-sp-emini","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Then-Double-Top.jpg","author_info":{"display_name":"Brad","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/brad-wolff\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/209312","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\/5460"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=209312"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/209312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/209701"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=209312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=209312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=209312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}