The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Emini-Weekly-Weak-BO-HH-MTR-Bulls-Need-FT-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bull bar closing in its upper half with a long tail below and closing below the May 23 high.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the bulls can create another strong breakout into all-time high territory or will the market continue to stall around the current all-time high area.<\/li>\n\n\n\n
- The Bulls got a breakout into new all-time high territory, but it was not a strong breakout. The market has been stalling around the March 23 high area for the last 3 weeks.<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0rally will lead to months of sideways to up trading (broad bull channel).\u00a0They hope that the\u00a0broad bull channel phase has begun.<\/li>\n\n\n\n
- They want to get\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21. The third leg up is currently underway.<\/li>\n\n\n\n
- Since this week made a new high, the bulls need to create a follow-through bull bar to confirm the breakout, even if it is only a bull doji.<\/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\u00a0the May 31 or the April 19\u00a0low. They want 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) and a large wedge pattern (Feb 2,\u00a0July 27, and\u00a0Mar 21).<\/li>\n\n\n\n
- The selloff retraced more than 5% and\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 also see a smaller higher high major trend reversal in the current leg up (against the May 23 high).<\/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 bull bar closing in its upper half, it is a buy signal bar for next week.\u00a0<\/li>\n\n\n\n
- Traders will see if the bulls can create a follow-through bull bar and a breakout into all-time high territory.<\/li>\n\n\n\n
- Or will the market continue to stall around the current all-time high area?<\/li>\n\n\n\n
- If the market continues to stall here, we may see a deeper pullback develop within a few weeks.<\/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
- Side note: the FOMC statements and minutes next week can potentially be a catalyst for volatility.<\/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\/06\/Emini-Daily-HH-MTR-Wedge-Double-Top-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded sideways to up for the week. Friday was an outside bull doji closing in its lower half and below the May 23 high.<\/li>\n\n\n\n
- Previously<\/a>, we said that 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\n\n\n
- So far, the market continues to trade slightly above the prior all-time high (Mar 21) area for the last 3 weeks.<\/li>\n\n\n\n
- The bears 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 also see a smaller higher high major trend reversal (against May 23) and a small double top (May 23 and Jun 7).<\/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
- They need to create consecutive bear bars closing near their lows and trading below the 20-day EMA 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 see the move to the 20-day EMA (May 31) simply as a pullback and want another strong leg up (with the first leg being the April 19 to May 23 move).<\/li>\n\n\n\n
- If the market trades lower, they want a reversal\u00a0from a double bottom bull flag (with\u00a0either May 31 or April 19) and a higher low.<\/li>\n\n\n\n
- They want the 20-day EMA and the bull trend line to act as support.<\/li>\n\n\n\n
- Friday was an outside bull doji. Sometimes, the candlestick after an outside bar is an inside bar, forming an ioi (inside-outside-inside) breakout pattern.<\/li>\n\n\n\n
- Otherwise, it may have a lot of overlapping range with the outside bar.<\/li>\n\n\n\n
- So far, the market has traded slightly higher (against Mar 21 high) but not by a significant amount in the last 3 weeks.<\/li>\n\n\n\n
- The bears have not yet been able to create strong bear bars with follow-through selling.<\/li>\n\n\n\n
- While this can change at any time, until it does, the odds slightly favor the market to remain in the sideways to up phase.<\/li>\n\n\n\n
- If the bears start getting strong bear bars with follow-through selling, we may see stronger profit-taking activity begin.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create more 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\n\n\n
- Side note: the FOMC statements and minutes next week can potentially be a catalyst for volatility.<\/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\/06\/Emini-Weekly-Weak-BO-HH-MTR-Bulls-Need-FT.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bull bar closing in its upper half with a long tail below and closing below the May 23 high.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the bulls can create another strong breakout into all-time high territory or will the market continue to stall around the current all-time high area.<\/li>\n\n\n\n
- The Bulls got a breakout into new all-time high territory, but it was not a strong breakout. The market has been stalling around the March 23 high area for the last 3 weeks.<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0rally will lead to months of sideways to up trading (broad bull channel).\u00a0They hope that the\u00a0broad bull channel phase has begun.<\/li>\n\n\n\n
- They want to get\u00a0another strong leg up\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0July 27\u00a0and\u00a0March 21. The third leg up is currently underway.<\/li>\n\n\n\n
- Since this week made a new high, the bulls need to create a follow-through bull bar to confirm the breakout, even if it is only a bull doji.<\/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\u00a0the May 31 or the April 19\u00a0low. They want 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) and a large wedge pattern (Feb 2,\u00a0July 27, and\u00a0Mar 21).<\/li>\n\n\n\n
- The selloff retraced more than 5% and\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 also see a smaller higher high major trend reversal in the current leg up (against the May 23 high).<\/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 bull bar closing in its upper half, it is a buy signal bar for next week.\u00a0<\/li>\n\n\n\n
- Traders will see if the bulls can create a follow-through bull bar and a breakout into all-time high territory.<\/li>\n\n\n\n
- Or will the market continue to stall around the current all-time high area?<\/li>\n\n\n\n
- If the market continues to stall here, we may see a deeper pullback develop within a few weeks.<\/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
- Side note: the FOMC statements and minutes next week can potentially be a catalyst for volatility.<\/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 to up for the week. Friday was an outside bull doji closing in its lower half and below the May 23 high.<\/li>\n\n\n\n
- Previously<\/a>, we said that 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\n\n\n
- So far, the market continues to trade slightly above the prior all-time high (Mar 21) area for the last 3 weeks.<\/li>\n\n\n\n
- The bears 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 also see a smaller higher high major trend reversal (against May 23) and a small double top (May 23 and Jun 7).<\/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
- They need to create consecutive bear bars closing near their lows and trading below the 20-day EMA 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 see the move to the 20-day EMA (May 31) simply as a pullback and want another strong leg up (with the first leg being the April 19 to May 23 move).<\/li>\n\n\n\n
- If the market trades lower, they want a reversal\u00a0from a double bottom bull flag (with\u00a0either May 31 or April 19) and a higher low.<\/li>\n\n\n\n
- They want the 20-day EMA and the bull trend line to act as support.<\/li>\n\n\n\n
- Friday was an outside bull doji. Sometimes, the candlestick after an outside bar is an inside bar, forming an ioi (inside-outside-inside) breakout pattern.<\/li>\n\n\n\n
- Otherwise, it may have a lot of overlapping range with the outside bar.<\/li>\n\n\n\n
- So far, the market has traded slightly higher (against Mar 21 high) but not by a significant amount in the last 3 weeks.<\/li>\n\n\n\n
- The bears have not yet been able to create strong bear bars with follow-through selling.<\/li>\n\n\n\n
- While this can change at any time, until it does, the odds slightly favor the market to remain in the sideways to up phase.<\/li>\n\n\n\n
- If the bears start getting strong bear bars with follow-through selling, we may see stronger profit-taking activity begin.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create more 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\n\n\n
- Side note: the FOMC statements and minutes next week can potentially be a catalyst for volatility.<\/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 will see if the bulls can create another strong breakout into all-time high territory or will the market continue to stall around the current all-time high area.<\/li>\n\n\n\n