The Monthly<\/em> Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-Monthly-Wedge-Micro-Wedge-Final-Flag-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The\u00a0July monthly Emini candlestick<\/a> was a bull doji bar closing slightly below the middle of its range.<\/li>\n\n\n\n
- Last month<\/a>, we said that traders will see if the bulls can create another breakout into new all-time high territory in July or will the market start to stall around the current levels and begin the pullback phase.<\/li>\n\n\n\n
- The market made a new all-time high in July but reversed to close below June\u2019s high.<\/li>\n\n\n\n
- The bulls got a strong rally starting in October\u00a0in the form of\u00a0a tight bull channel.<\/li>\n\n\n\n
- They got\u00a0a strong leg up\u00a0completing\u00a0the wedge pattern\u00a0(Jul 27, Mar 21, and Jul 16).<\/li>\n\n\n\n
- They hope that the market has entered a broad bull channel phase which will last for many months.<\/li>\n\n\n\n
- They want the current pullback to be sideways and shallow (filled with weak bear bars, bull bars, doji(s) and overlapping candlesticks).\u00a0<\/li>\n\n\n\n
- They want the pullback to form a higher low or a double bottom bull flag with the April 19 low, followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- At the very least, they want a retest of the July 16 high, even if it forms a lower high.<\/li>\n\n\n\n
- If there is a deeper pullback, they want the 20-month EMA to\u00a0act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high\u00a0major\u00a0trend reversal, a large wedge pattern (July 27, March 21, and Jul 16), and a micro wedge (May 23, June 28, and Jul 16).<\/li>\n\n\n\n
- They see the 3 sideways candlesticks (Mar, Apr, and May) as forming a possible final flag of an extended rally.<\/li>\n\n\n\n
- They see a possible blow-off top forming and hope to get a deep pullback within a few months. The pullback phase may have started in August.<\/li>\n\n\n\n
- They need to create a strong bear bar in August with follow-through selling in September to increase the odds of retesting the 20-month EMA.<\/li>\n\n\n\n
- Since July was a bull doji bar closing slightly below the middle of its range, it is a neutral signal bar for August.<\/li>\n\n\n\n
- The rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders are looking for reasons to take profits and will only look to buy after a deeper pullback.<\/li>\n\n\n\n
- Odds slightly favor the sideways to down pullback has started.<\/li>\n\n\n\n
- Traders will see if the bears can create a strong bear bar in August or will the market trade lower (as it did now) but reverse to close with a long tail or a bull body by the end of the month.<\/li>\n\n\n\n
- Odds slightly favor the pullback to be minor.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-Weekly-PB-Testing-20-week-EMA-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a big bear bar with a prominent tail below and a long above, closing below the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the sideways to down pullback lasting at least a few weeks. Traders will see if the bears can create another follow-through bear bar, closing below the 20-week EMA. Or will the market trade slightly lower but stall around the July 25 low or the 20-week EMA area?<\/li>\n\n\n\n
- The bears got a reversal from a higher high\u00a0major\u00a0trend reversal, a wedge pattern (Jul 27, Mar 21, and Jul 16) and a trend channel line overshoot.<\/li>\n\n\n\n
- They also see an embedded wedge (May 23, Jun 28, and Jul 16) and a final flag pattern (sideways consolidation from the mid to the end of Jun).<\/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
- Since this week closed below the 20-week EMA, the bears need to create a follow-through bear bar to increase the odds of retesting the April low.<\/li>\n\n\n\n
- The bulls hope\u00a0that the\u00a0market is in the broad bull channel phase.\u00a0<\/li>\n\n\n\n
- They want the pullback to form a higher low followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- They want the 20-week EMA or the bull trend line to act as support (just like in April).<\/li>\n\n\n\n
- They hope to get at least a small retest of the all-time high, even if it only forms a lower high.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing near its low, it is a sell signal bar for next week.\u00a0<\/li>\n\n\n\n
- The market is trading at a potential support area (20-week EMA).<\/li>\n\n\n\n
- The 3-week selloff has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- We may see a minor pullback (maybe lasting 1-2 weeks), followed by at least a small second leg sideways to down in the weeks ahead.<\/li>\n\n\n\n
- Traders will see if the bears can create a follow-through bear bar trading below the 20-week EMA.<\/li>\n\n\n\n
- Or will the market form a minor pullback in the next 1-2 weeks instead?<\/li>\n\n\n\n
- For now, the selloff is strong enough for traders to expect at least a small second leg sideways to down after a pullback (bounce).<\/li>\n\n\n\n
- If a pullback (bounce) forms and it is weak and sideways, the odds of another strong sideways-to-down leg will increase.<\/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
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The\u00a0July monthly Emini candlestick<\/a> was a bull doji bar closing slightly below the middle of its range.<\/li>\n\n\n\n
- Last month<\/a>, we said that traders will see if the bulls can create another breakout into new all-time high territory in July or will the market start to stall around the current levels and begin the pullback phase.<\/li>\n\n\n\n
- The market made a new all-time high in July but reversed to close below June\u2019s high.<\/li>\n\n\n\n
- The bulls got a strong rally starting in October\u00a0in the form of\u00a0a tight bull channel.<\/li>\n\n\n\n
- They got\u00a0a strong leg up\u00a0completing\u00a0the wedge pattern\u00a0(Jul 27, Mar 21, and Jul 16).<\/li>\n\n\n\n
- They hope that the market has entered a broad bull channel phase which will last for many months.<\/li>\n\n\n\n
- They want the current pullback to be sideways and shallow (filled with weak bear bars, bull bars, doji(s) and overlapping candlesticks).\u00a0<\/li>\n\n\n\n
- They want the pullback to form a higher low or a double bottom bull flag with the April 19 low, followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- At the very least, they want a retest of the July 16 high, even if it forms a lower high.<\/li>\n\n\n\n
- If there is a deeper pullback, they want the 20-month EMA to\u00a0act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high\u00a0major\u00a0trend reversal, a large wedge pattern (July 27, March 21, and Jul 16), and a micro wedge (May 23, June 28, and Jul 16).<\/li>\n\n\n\n
- They see the 3 sideways candlesticks (Mar, Apr, and May) as forming a possible final flag of an extended rally.<\/li>\n\n\n\n
- They see a possible blow-off top forming and hope to get a deep pullback within a few months. The pullback phase may have started in August.<\/li>\n\n\n\n
- They need to create a strong bear bar in August with follow-through selling in September to increase the odds of retesting the 20-month EMA.<\/li>\n\n\n\n
- Since July was a bull doji bar closing slightly below the middle of its range, it is a neutral signal bar for August.<\/li>\n\n\n\n
- The rally has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- Traders are looking for reasons to take profits and will only look to buy after a deeper pullback.<\/li>\n\n\n\n
- Odds slightly favor the sideways to down pullback has started.<\/li>\n\n\n\n
- Traders will see if the bears can create a strong bear bar in August or will the market trade lower (as it did now) but reverse to close with a long tail or a bull body by the end of the month.<\/li>\n\n\n\n
- Odds slightly favor the pullback to be minor.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a big bear bar with a prominent tail below and a long above, closing below the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds slightly favor the sideways to down pullback lasting at least a few weeks. Traders will see if the bears can create another follow-through bear bar, closing below the 20-week EMA. Or will the market trade slightly lower but stall around the July 25 low or the 20-week EMA area?<\/li>\n\n\n\n
- The bears got a reversal from a higher high\u00a0major\u00a0trend reversal, a wedge pattern (Jul 27, Mar 21, and Jul 16) and a trend channel line overshoot.<\/li>\n\n\n\n
- They also see an embedded wedge (May 23, Jun 28, and Jul 16) and a final flag pattern (sideways consolidation from the mid to the end of Jun).<\/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
- Since this week closed below the 20-week EMA, the bears need to create a follow-through bear bar to increase the odds of retesting the April low.<\/li>\n\n\n\n
- The bulls hope\u00a0that the\u00a0market is in the broad bull channel phase.\u00a0<\/li>\n\n\n\n
- They want the pullback to form a higher low followed by a resumption of the broad bull channel.<\/li>\n\n\n\n
- They want the 20-week EMA or the bull trend line to act as support (just like in April).<\/li>\n\n\n\n
- They hope to get at least a small retest of the all-time high, even if it only forms a lower high.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing near its low, it is a sell signal bar for next week.\u00a0<\/li>\n\n\n\n
- The market is trading at a potential support area (20-week EMA).<\/li>\n\n\n\n
- The 3-week selloff has lasted a long time and is slightly climactic.<\/li>\n\n\n\n
- We may see a minor pullback (maybe lasting 1-2 weeks), followed by at least a small second leg sideways to down in the weeks ahead.<\/li>\n\n\n\n
- Traders will see if the bears can create a follow-through bear bar trading below the 20-week EMA.<\/li>\n\n\n\n
- Or will the market form a minor pullback in the next 1-2 weeks instead?<\/li>\n\n\n\n
- For now, the selloff is strong enough for traders to expect at least a small second leg sideways to down after a pullback (bounce).<\/li>\n\n\n\n
- If a pullback (bounce) forms and it is weak and sideways, the odds of another strong sideways-to-down leg will increase.<\/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 odds slightly favor the sideways to down pullback lasting at least a few weeks. Traders will see if the bears can create another follow-through bear bar, closing below the 20-week EMA. Or will the market trade slightly lower but stall around the July 25 low or the 20-week EMA area?<\/li>\n\n\n\n
- Last month<\/a>, we said that traders will see if the bulls can create another breakout into new all-time high territory in July or will the market start to stall around the current levels and begin the pullback phase.<\/li>\n\n\n\n