The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Emini-Weekly-Bears-Need-Strong-FT-Bulls-Want-Resumption-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bear bar closing in its lower half with a small tail below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market may still trade at least a little higher. Traders would see if the bulls could create another follow-through bull bar breaking into a new all-time high or if the market would trade slightly higher but start to stall and close with a bear body or a long tail above instead.<\/li>\n\n\n\n
- The bulls created a large wedge pattern (Mar 21, Jul 16, and Dec 6), an embedded wedge (Aug 30, Oct 17, and Dec 6) and a micro wedge (Nov 22, Nov 29, and Dec 6).<\/li>\n\n\n\n
- They see the market as being in a broad bull channel and want the market to continue sideways to up for many months.<\/li>\n\n\n\n
- They see this week simply as a pullback and want the market to resume higher. They hope that the follow-through selling will be weak.<\/li>\n\n\n\n
- If there is a deeper pullback, they want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a reversal from a large wedge (Mar 21, Jul 16, and Dec 6), an embedded wedge (Aug 30, Oct 17, and Dec 6) and a micro wedge (Nov 22, Nov 29, and Dec 6).<\/li>\n\n\n\n
- They see the market as being extended and overbought.<\/li>\n\n\n\n
- They need to create strong follow-through selling following this week\u2019s bear bar to convince traders that they are back in control.<\/li>\n\n\n\n
- The bears hope to get a TBTL (Ten Bars, Two Legs) pullback lasting at least a few weeks.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing in its lower half, it can be a sell signal bar for next week.<\/li>\n\n\n\n
- Traders will see if the bears can create follow-through selling by creating a strong sell entry bar.<\/li>\n\n\n\n
- Or will the market stall sideways instead?<\/li>\n\n\n\n
- If the pullback remains sideways and shallow (overlapping candlesticks, with bull bars, doji(s), and candlesticks with long tails below), the odds of a resumption higher will increase.<\/li>\n\n\n\n
- The move up since October 2023 while strong, has lasted a long time and is slightly climactic. The odds of a deeper pullback are increasing.<\/li>\n\n\n\n
- However, the bears need to create credible selling pressure with sustained follow-through selling to convince traders that they are back in control.<\/li>\n\n\n\n
- While this can happen soon, until it does, traders will not be willing to sell aggressively.<\/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\/12\/Emini-Daily-Bears-Need-Strong-FT-Bulls-Want-DB-Bull-Flag-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded slightly lower early in the week. Wednesday formed a retest of the prior high but there was no follow-through buying. Thursday and Friday were consecutive bear bars.<\/li>\n\n\n\n
- Last week<\/a>, we said the risk of a minor pullback to the 20-day EMA, or the bull trend line is increasing. Traders would see if the bulls could continue to create more bull bars or if the market would start to stall and form a two-legged sideways to down pullback within the next few weeks.<\/li>\n\n\n\n
- The market formed a small 2-legged sideways to down pullback this week.<\/li>\n\n\n\n
- The bulls got the third leg up creating the large wedge pattern (Mar 21, July 16, and Dec 6) and the embedded wedge (Aug 30, Oct 17, and Dec 6).<\/li>\n\n\n\n
- They see the market trading in a broad bull channel and want the move to continue for many months.<\/li>\n\n\n\n
- They see this week as a small pullback forming a double bottom bull flag (Dec 10 and Dec 13) and want the move to resume higher.<\/li>\n\n\n\n
- They want the 20-day EMA or the bull trend line to be support areas. They want an endless pullback bull trend.<\/li>\n\n\n\n
- The bears want a reversal from a large wedge pattern (Mar 21, Jul 16, and Dec 6) and an embedded wedge (Aug 30, Oct 17, and Dec 6).<\/li>\n\n\n\n
- They see the move up which started from October 2023 as extended and overbought.<\/li>\n\n\n\n
- They want a pullback lasting at least a few weeks – a TBTL (ten bars, two legs) pullback.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows trading far below the 20-day EMA and the bull trend line to show they are back in control.<\/li>\n\n\n\n
- So far, the move up since October 2023 has lasted a long time. The wedge and embedded wedge increase the odds of a pullback lasting at least a few weeks.<\/li>\n\n\n\n
- However, the bears need to do more to show that they are back in control. Until they can do that, traders will not be willing to sell aggressively.<\/li>\n\n\n\n
- For now, traders will see if the bears create follow-through selling trading far below the 20-day EMA.<\/li>\n\n\n\n
- Or will the pullback be sideways and shallow and stall around the 20-day EMA or the bull trend line area instead?<\/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\/12\/Emini-Weekly-Bears-Need-Strong-FT-Bulls-Want-Resumption.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a bear bar closing in its lower half with a small tail below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the market may still trade at least a little higher. Traders would see if the bulls could create another follow-through bull bar breaking into a new all-time high or if the market would trade slightly higher but start to stall and close with a bear body or a long tail above instead.<\/li>\n\n\n\n
- The bulls created a large wedge pattern (Mar 21, Jul 16, and Dec 6), an embedded wedge (Aug 30, Oct 17, and Dec 6) and a micro wedge (Nov 22, Nov 29, and Dec 6).<\/li>\n\n\n\n
- They see the market as being in a broad bull channel and want the market to continue sideways to up for many months.<\/li>\n\n\n\n
- They see this week simply as a pullback and want the market to resume higher. They hope that the follow-through selling will be weak.<\/li>\n\n\n\n
- If there is a deeper pullback, they want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a reversal from a large wedge (Mar 21, Jul 16, and Dec 6), an embedded wedge (Aug 30, Oct 17, and Dec 6) and a micro wedge (Nov 22, Nov 29, and Dec 6).<\/li>\n\n\n\n
- They see the market as being extended and overbought.<\/li>\n\n\n\n
- They need to create strong follow-through selling following this week\u2019s bear bar to convince traders that they are back in control.<\/li>\n\n\n\n
- The bears hope to get a TBTL (Ten Bars, Two Legs) pullback lasting at least a few weeks.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing in its lower half, it can be a sell signal bar for next week.<\/li>\n\n\n\n
- Traders will see if the bears can create follow-through selling by creating a strong sell entry bar.<\/li>\n\n\n\n
- Or will the market stall sideways instead?<\/li>\n\n\n\n
- If the pullback remains sideways and shallow (overlapping candlesticks, with bull bars, doji(s), and candlesticks with long tails below), the odds of a resumption higher will increase.<\/li>\n\n\n\n
- The move up since October 2023 while strong, has lasted a long time and is slightly climactic. The odds of a deeper pullback are increasing.<\/li>\n\n\n\n
- However, the bears need to create credible selling pressure with sustained follow-through selling to convince traders that they are back in control.<\/li>\n\n\n\n
- While this can happen soon, until it does, traders will not be willing to sell aggressively.<\/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 slightly lower early in the week. Wednesday formed a retest of the prior high but there was no follow-through buying. Thursday and Friday were consecutive bear bars.<\/li>\n\n\n\n
- Last week<\/a>, we said the risk of a minor pullback to the 20-day EMA, or the bull trend line is increasing. Traders would see if the bulls could continue to create more bull bars or if the market would start to stall and form a two-legged sideways to down pullback within the next few weeks.<\/li>\n\n\n\n
- The market formed a small 2-legged sideways to down pullback this week.<\/li>\n\n\n\n
- The bulls got the third leg up creating the large wedge pattern (Mar 21, July 16, and Dec 6) and the embedded wedge (Aug 30, Oct 17, and Dec 6).<\/li>\n\n\n\n
- They see the market trading in a broad bull channel and want the move to continue for many months.<\/li>\n\n\n\n
- They see this week as a small pullback forming a double bottom bull flag (Dec 10 and Dec 13) and want the move to resume higher.<\/li>\n\n\n\n
- They want the 20-day EMA or the bull trend line to be support areas. They want an endless pullback bull trend.<\/li>\n\n\n\n
- The bears want a reversal from a large wedge pattern (Mar 21, Jul 16, and Dec 6) and an embedded wedge (Aug 30, Oct 17, and Dec 6).<\/li>\n\n\n\n
- They see the move up which started from October 2023 as extended and overbought.<\/li>\n\n\n\n
- They want a pullback lasting at least a few weeks – a TBTL (ten bars, two legs) pullback.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows trading far below the 20-day EMA and the bull trend line to show they are back in control.<\/li>\n\n\n\n
- So far, the move up since October 2023 has lasted a long time. The wedge and embedded wedge increase the odds of a pullback lasting at least a few weeks.<\/li>\n\n\n\n
- However, the bears need to do more to show that they are back in control. Until they can do that, traders will not be willing to sell aggressively.<\/li>\n\n\n\n
- For now, traders will see if the bears create follow-through selling trading far below the 20-day EMA.<\/li>\n\n\n\n
- Or will the pullback be sideways and shallow and stall around the 20-day EMA or the bull trend line area instead?<\/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 market may still trade at least a little higher. Traders would see if the bulls could create another follow-through bull bar breaking into a new all-time high or if the market would trade slightly higher but start to stall and close with a bear body or a long tail above instead.<\/li>\n\n\n\n