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-Strong-Consecutive-Bull-Bars-Broad-Bull-Channel-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a consecutive big bull bar closing near its high above the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see the strength of the pullback (bounce). If the bulls manage to create consecutive bull bars closing near their highs, the odds of a retest of the all-time high will increase.<\/li>\n\n\n\n
- Previously, the bears had 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 want a retest of the\u00a0April 19\u00a0low, even if it forms a higher low. They got what they wanted.<\/li>\n\n\n\n
- They see the current move simply as a deep pullback and a retest of the prior high.<\/li>\n\n\n\n
- They want a reversal from a lower high major trend reversal or a double top bear flag with August 1.<\/li>\n\n\n\n
- The bears hope to get at least a small second leg sideways to down to retest the August 5 low.<\/li>\n\n\n\n
- The bulls got a reversal from a double bottom bull flag (Apr 19 and Aug 5).<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0market is in the broad bull channel phase.\u00a0<\/li>\n\n\n\n
- They want a retest of the all-time high and a resumption of the broad bull channel.<\/li>\n\n\n\n
- If the market trades lower, they want the 20-week EMA to act as support followed by a second leg sideways to up.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market can gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- The move up in the last 2 weeks formed one of the strongest pairs of consecutive bull bars (probably not seen since the Covid selloff).<\/li>\n\n\n\n
- Odds slightly favor the market to have flipped into Always In Long.<\/li>\n\n\n\n
- Traders will see if the bulls can create another follow-through bull bar testing near the all-time high.<\/li>\n\n\n\n
- Or will the market trade slightly higher but stall (maybe around the August 1 high area) and form a small pullback instead?<\/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\/08\/Emini-Daily-Tight-Bull-Channel-Retest-High-or-DT-Bear-Flag-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded higher for the week with gaps and in a 10-bar bull microchannel.<\/li>\n\n\n\n
- Last week<\/a>, we said that the profit-taking activity could have begun last week. If the bulls can create strong consecutive bull bars closing near their highs, it can increase the odds of a retest of the all-time high.<\/li>\n\n\n\n
- Previously, the bears got a reversal from a higher high\u00a0major\u00a0trend reversal, a large wedge pattern (Jul 27, Mar 21 and Jul 16) and an embedded wedge (May 23, Jun 28, and Jul 16).<\/li>\n\n\n\n
- The selloff moved almost 10% which may have reached the bear\u2019s target.<\/li>\n\n\n\n
- The bears see the current move simply as a deep pullback and a retest of the prior high.<\/li>\n\n\n\n
- They want a reversal from a double top bear flag with the August 1 high or from a lower high major trend reversal.<\/li>\n\n\n\n
- At the very least, they want a small retest of the August 5 low, even if it forms a higher low.<\/li>\n\n\n\n
- The Bulls hope\u00a0the\u00a0rally is in a (broad) channel\u00a0phase and want a resumption of the broad bull channel.<\/li>\n\n\n\n
- They got a reversal from a parabolic wedge (Jul 19, Jul 25, and Aug 5), a trend channel line overshoot and a double bottom bull flag (Apr 19 and Aug 5).<\/li>\n\n\n\n
- The move is in the form of a 10-bar bull microchannel. That means strong buying.<\/li>\n\n\n\n
- Traders expect at least a small second leg sideways to up after a pullback.<\/li>\n\n\n\n
- If there is a deeper pullback, they want a reversal from a higher low major trend reversal and the 20-day EMA to act as support.<\/li>\n\n\n\n
- So far, the move up is in the form of a 10-bar bull microchannel.<\/li>\n\n\n\n
- There may be buyers below the first pullback from such a strong bull microchannel.<\/li>\n\n\n\n
- The market may have flipped back into Always In Long.<\/li>\n\n\n\n
- For now, odds slightly favor the market to be in the sideways to up phase with minor pullbacks in between.<\/li>\n\n\n\n
- The move up from the August 5 low while strong, is slightly climactic.<\/li>\n\n\n\n
- The market may need to form a small sideways-to-down pullback before it resumes higher.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create follow-through buying.<\/li>\n\n\n\n
- Or\u00a0will the market stall (around the August 1 high) and form a small pullback or a double top bear flag?<\/li>\n\n\n\n
- If a pullback forms, traders will see the strength of the pullback.<\/li>\n\n\n\n
- If it is weak and sideways (filled with doji(s), bull bars and holding around the 20-day EMA), the odds of another leg up to retest the all-time high 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
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-Weekly-Strong-Consecutive-Bull-Bars-Broad-Bull-Channel.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a consecutive big bull bar closing near its high above the 20-week EMA.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see the strength of the pullback (bounce). If the bulls manage to create consecutive bull bars closing near their highs, the odds of a retest of the all-time high will increase.<\/li>\n\n\n\n
- Previously, the bears had 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 want a retest of the\u00a0April 19\u00a0low, even if it forms a higher low. They got what they wanted.<\/li>\n\n\n\n
- They see the current move simply as a deep pullback and a retest of the prior high.<\/li>\n\n\n\n
- They want a reversal from a lower high major trend reversal or a double top bear flag with August 1.<\/li>\n\n\n\n
- The bears hope to get at least a small second leg sideways to down to retest the August 5 low.<\/li>\n\n\n\n
- The bulls got a reversal from a double bottom bull flag (Apr 19 and Aug 5).<\/li>\n\n\n\n
- They hope\u00a0that the\u00a0market is in the broad bull channel phase.\u00a0<\/li>\n\n\n\n
- They want a retest of the all-time high and a resumption of the broad bull channel.<\/li>\n\n\n\n
- If the market trades lower, they want the 20-week EMA to act as support followed by a second leg sideways to up.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market can gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- The move up in the last 2 weeks formed one of the strongest pairs of consecutive bull bars (probably not seen since the Covid selloff).<\/li>\n\n\n\n
- Odds slightly favor the market to have flipped into Always In Long.<\/li>\n\n\n\n
- Traders will see if the bulls can create another follow-through bull bar testing near the all-time high.<\/li>\n\n\n\n
- Or will the market trade slightly higher but stall (maybe around the August 1 high area) and form a small pullback instead?<\/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 higher for the week with gaps and in a 10-bar bull microchannel.<\/li>\n\n\n\n
- Last week<\/a>, we said that the profit-taking activity could have begun last week. If the bulls can create strong consecutive bull bars closing near their highs, it can increase the odds of a retest of the all-time high.<\/li>\n\n\n\n
- Previously, the bears got a reversal from a higher high\u00a0major\u00a0trend reversal, a large wedge pattern (Jul 27, Mar 21 and Jul 16) and an embedded wedge (May 23, Jun 28, and Jul 16).<\/li>\n\n\n\n
- The selloff moved almost 10% which may have reached the bear\u2019s target.<\/li>\n\n\n\n
- The bears see the current move simply as a deep pullback and a retest of the prior high.<\/li>\n\n\n\n
- They want a reversal from a double top bear flag with the August 1 high or from a lower high major trend reversal.<\/li>\n\n\n\n
- At the very least, they want a small retest of the August 5 low, even if it forms a higher low.<\/li>\n\n\n\n
- The Bulls hope\u00a0the\u00a0rally is in a (broad) channel\u00a0phase and want a resumption of the broad bull channel.<\/li>\n\n\n\n
- They got a reversal from a parabolic wedge (Jul 19, Jul 25, and Aug 5), a trend channel line overshoot and a double bottom bull flag (Apr 19 and Aug 5).<\/li>\n\n\n\n
- The move is in the form of a 10-bar bull microchannel. That means strong buying.<\/li>\n\n\n\n
- Traders expect at least a small second leg sideways to up after a pullback.<\/li>\n\n\n\n
- If there is a deeper pullback, they want a reversal from a higher low major trend reversal and the 20-day EMA to act as support.<\/li>\n\n\n\n
- So far, the move up is in the form of a 10-bar bull microchannel.<\/li>\n\n\n\n
- There may be buyers below the first pullback from such a strong bull microchannel.<\/li>\n\n\n\n
- The market may have flipped back into Always In Long.<\/li>\n\n\n\n
- For now, odds slightly favor the market to be in the sideways to up phase with minor pullbacks in between.<\/li>\n\n\n\n
- The move up from the August 5 low while strong, is slightly climactic.<\/li>\n\n\n\n
- The market may need to form a small sideways-to-down pullback before it resumes higher.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create follow-through buying.<\/li>\n\n\n\n
- Or\u00a0will the market stall (around the August 1 high) and form a small pullback or a double top bear flag?<\/li>\n\n\n\n
- If a pullback forms, traders will see the strength of the pullback.<\/li>\n\n\n\n
- If it is weak and sideways (filled with doji(s), bull bars and holding around the 20-day EMA), the odds of another leg up to retest the all-time high 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 traders would see the strength of the pullback (bounce). If the bulls manage to create consecutive bull bars closing near their highs, the odds of a retest of the all-time high will increase.<\/li>\n\n\n\n