{"id":212407,"date":"2024-07-12T06:16:36","date_gmt":"2024-07-12T13:16:36","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=212407"},"modified":"2024-07-12T23:12:03","modified_gmt":"2024-07-13T06:12:03","slug":"emini-climactic-reversal-at-5700","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-climactic-reversal-at-5700\/","title":{"rendered":"Emini Climactic Reversal at 5,700"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday July 12, 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 daily chart reversed down yesterday, following Wednesday\u2019s buy climax test of the 5,700 round number.<\/li>\n\n\n\n<li>While Wednesday is good for the bulls, it was a climactic bar at resistance, which increased the risk of profit-taking.<\/li>\n\n\n\n<li>The Bears did a great job getting a reversal down yesterday, which is expected after a buy climax late in the rally.<\/li>\n\n\n\n<li>Yesterday is a strong enough bear reversal bar that the odds favor a second leg down. This means that if today forms a bull reversal bar (high 1 buy setup), there will probably be sellers above its high.<\/li>\n\n\n\n<li>The July rally is strong, which means that today will probably not be a strong entry bar for the bears.<\/li>\n\n\n\n<li>The probability that the bulls have is that the July rally is a strong buy climax late in a bull trend. This increases the risk of a reversal down and a test of the July low over the next several weeks.<\/li>\n\n\n\n<li>The bull trend is getting climactic on the higher time frames. This increases the risk of the market putting in a high of the year some time over the next few months.<\/li>\n\n\n\n<li>Traders trading the daily chart should expect the upside to be limited and the market to begin to go sideways and test the July low and the 5,500 round number.<\/li>\n\n\n\n<li>Because the rally up in July is strong, the bears will probably need a second entry short at a minimum before they can get an attempt at reversal down to the July low.<\/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>Emini is up 5 points in the overnight Globex session.<\/li>\n\n\n\n<li>The 8:30 AM EST report bar formed a bull reversal bar on the 15-minute chart. It is a large doji bar, which increases the chances of sideways trading.<\/li>\n\n\n\n<li>The bulls want a rally into the open of the U.S. Session. However, because the 8:30 report bar is a doji on the 15-minute chart, that increases the risk of sellers above and a test for the midpoint of the bar.<\/li>\n\n\n\n<li>Today is Friday, so weekly support and resistance are important. At the moment, the weekly chart is below the midpoint of the weak and is forming a parabolic wedge top. The bears want the week to close below the open, which is near 5,612.<\/li>\n\n\n\n<li>Because the daily chart is in a microchannel, today is probably not going to be a strong bear trend day.<\/li>\n\n\n\n<li>As I often say, traders should assume that today will have a lot of trading range price action on the open. This means that most traders should not be in a rush to place any trades.<\/li>\n\n\n\n<li>The odds favor a second leg up after the rally on the 8:30 AM EST report bar. However, since the market is in a trading range, they bulls may get a deep pullback before they get their second leg up.<\/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\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-Then-Major-Bear-Breakout.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-Then-Major-Bear-Breakout-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Wedge Top Then Major Bear Breakout\" class=\"wp-image-212654\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-Then-Major-Bear-Breakout-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-Then-Major-Bear-Breakout-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-Then-Major-Bear-Breakout-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-Then-Major-Bear-Breakout.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<ul class=\"wp-block-list\">\n<li>The EURUSD yesterday formed a bull breakout bar, closing above its midpoint. Because yesterday\u2019s breakout was a surprise, the odds favor a 2<sup>nd<\/sup> leg up.<\/li>\n\n\n\n<li>The problem the bulls face is that the current rally is at major support (June High) in an overall trading range.<\/li>\n\n\n\n<li>At the moment, the market is Always In Long, and the odds favor higher prices. However, since the market is high in a trading range, they must be prepared to hold through a deep pullback.<\/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\/07\/SP500-Emini-5-Minute-Chart-Bull-Trend-From-Open-Then-Late-Reversal.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Bull-Trend-From-Open-Then-Late-Reversal-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bull Trend From Open Then Late Reversal\" class=\"wp-image-212732\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Bull-Trend-From-Open-Then-Late-Reversal-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Bull-Trend-From-Open-Then-Late-Reversal-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Bull-Trend-From-Open-Then-Late-Reversal-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Bull-Trend-From-Open-Then-Late-Reversal.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 July 12, 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":212654,"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":[281,1364,60],"class_list":{"0":"post-212407","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-reversal","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Top-Then-Major-Bear-Breakout.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\/212407","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=212407"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/212407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/212654"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=212407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=212407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=212407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}