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-Test-20-Week-EMA-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 below the middle of its range with a long tail below.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears could create follow-through selling by creating a strong sell entry bar or if the market would stall sideways.<\/li>\n\n\n\n
- The bears managed to create a bear entry bar, but the long tail below indicates that the bears are not yet as strong as they hope to be.<\/li>\n\n\n\n
- They got 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
- The bears hope to get a TBTL (Ten Bars, Two Legs) pullback lasting at least a few weeks.<\/li>\n\n\n\n
- If the market trades higher, they want a lower high major trend reversal and a double top.<\/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 from a double bottom bull flag (Nov 4 and Dec 20).<\/li>\n\n\n\n
- They want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- They hope that the pullback will have poor follow-through selling.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing in its lower half with a long tail below, it can be a sell signal bar albeit weaker.<\/li>\n\n\n\n
- Traders will see if the bears can create more follow-through selling.<\/li>\n\n\n\n
- Or will the market retest the all-time high (Dec 6) instead?<\/li>\n\n\n\n
- The bears need to do more and create sustained selling pressure to convince traders that they are back in control.<\/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<\/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-PB-Bears-Want-2nd-Leg-Bulls-Want-Retest-High-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded sideways early in the week. The Emini formed a big bear bar on Wednesday but lacked sustained follow-through selling on Thursday and Friday.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears could create follow-through selling trading far below the 20-day EMA or if the pullback would be sideways, shallow and stall around the 20-day EMA or the bull trend line area instead.<\/li>\n\n\n\n
- The bulls see the market trading in a broad bull channel and want the move to continue for months. They want an endless pullback bull trend.<\/li>\n\n\n\n
- They see this week as a pullback forming a higher low.<\/li>\n\n\n\n
- They want a retest of the all-time high (Dec 6) from a double bottom bull flag (Nov 4 and Dec 20) and a micro double bottom (Dec 18 and Dec 20).<\/li>\n\n\n\n
- They want the 100-day EMA to act as support.<\/li>\n\n\n\n
- The bears got 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 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
- If the market trades higher, they want a reversal from a lower high major trend reversal or a double top with the all-time high.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows trading far below the 100-day EMA and the bull trend line to show they are back in control.<\/li>\n\n\n\n
- The market formed a pullback this week but lacked sustained follow-through selling.<\/li>\n\n\n\n
- Traders are wondering if this is enough to alleviate the overbought condition.<\/li>\n\n\n\n
- The lack of follow-through selling indicates that the bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a retest of the all-time high and a breakout above within the next few weeks.<\/li>\n\n\n\n
- Or will the bears be able to create a second leg sideways to down 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-Test-20-Week-EMA-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 below the middle of its range with a long tail below.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears could create follow-through selling by creating a strong sell entry bar or if the market would stall sideways.<\/li>\n\n\n\n
- The bears managed to create a bear entry bar, but the long tail below indicates that the bears are not yet as strong as they hope to be.<\/li>\n\n\n\n
- They got 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
- The bears hope to get a TBTL (Ten Bars, Two Legs) pullback lasting at least a few weeks.<\/li>\n\n\n\n
- If the market trades higher, they want a lower high major trend reversal and a double top.<\/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 from a double bottom bull flag (Nov 4 and Dec 20).<\/li>\n\n\n\n
- They want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- They hope that the pullback will have poor follow-through selling.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing in its lower half with a long tail below, it can be a sell signal bar albeit weaker.<\/li>\n\n\n\n
- Traders will see if the bears can create more follow-through selling.<\/li>\n\n\n\n
- Or will the market retest the all-time high (Dec 6) instead?<\/li>\n\n\n\n
- The bears need to do more and create sustained selling pressure to convince traders that they are back in control.<\/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<\/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 early in the week. The Emini formed a big bear bar on Wednesday but lacked sustained follow-through selling on Thursday and Friday.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears could create follow-through selling trading far below the 20-day EMA or if the pullback would be sideways, shallow and stall around the 20-day EMA or the bull trend line area instead.<\/li>\n\n\n\n
- The bulls see the market trading in a broad bull channel and want the move to continue for months. They want an endless pullback bull trend.<\/li>\n\n\n\n
- They see this week as a pullback forming a higher low.<\/li>\n\n\n\n
- They want a retest of the all-time high (Dec 6) from a double bottom bull flag (Nov 4 and Dec 20) and a micro double bottom (Dec 18 and Dec 20).<\/li>\n\n\n\n
- They want the 100-day EMA to act as support.<\/li>\n\n\n\n
- The bears got 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 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
- If the market trades higher, they want a reversal from a lower high major trend reversal or a double top with the all-time high.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows trading far below the 100-day EMA and the bull trend line to show they are back in control.<\/li>\n\n\n\n
- The market formed a pullback this week but lacked sustained follow-through selling.<\/li>\n\n\n\n
- Traders are wondering if this is enough to alleviate the overbought condition.<\/li>\n\n\n\n
- The lack of follow-through selling indicates that the bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a retest of the all-time high and a breakout above within the next few weeks.<\/li>\n\n\n\n
- Or will the bears be able to create a second leg sideways to down 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 traders would see if the bears could create follow-through selling by creating a strong sell entry bar or if the market would stall sideways.<\/li>\n\n\n\n