The S&P 500 Emini futures traded above last week’s high but reversed to close below last week’s low, closing as a big outside bear bar. There is now an OO (outside-outside pattern). The Emini is in breakout mode. The bar sometimes after an outside bar is an inside bar, forming an ioi (inside, outside, inside) pattern, which is also a breakout mode. Traders will be monitoring whether the bears get a consecutive bear bar or fail to do so. If the bears get it, the odds of a test of the June low increase.
Market Overview: Bitcoin Futures Bitcoin futures hold above 200-week moving average while the price is testing the May 9 low. During this week, the ioi breakout mode triggered to the upside, but the final result was not heavily bullish because the current weekly close is below the ioi high. Bitcoin futures The Weekly chart of […]
Market Overview: Bitcoin Futures The Bitcoin futures traded during the entire week inside the price range of the prior week, giving a Bitcoin ioi breakout mode. After the 28% recovery in July, Traders wonder if this is just a Bear Rally or if the price is trying to consolidate a bottom. Bitcoin futures The Weekly […]
The EURUSD Forex July candlestick was a big bear bar with a long tail below. It broke below the 7-year trading range low. The long tail below indicates that the bears are not as strong as they could have been. The bears will need to create a consecutive bear bar to confirm the breakout below the 7-year trading range. The selling has been climactic. The trend channel line overshoot and wedge bottom (November 24, May 13 and July 14) increase the odds of at least a small sideways to up pullback (for a couple of weeks) before the EURUSD continue lower. The pullback may have begun in July.
Trading Update: Monday November 1, 2021 Emini pre-open market analysis Emini daily chart Friday made another new all-time high and it was another bull bar closing near its high. It also closed just above the 4600 Big Round Number. Since Friday was the last day of the month, with a gap up today, there will […]
Market Overview: Weekend Market Analysis The SP500 Emini futures monthly candlestick closed at all time high after an Emini outside-outside pattern (OO) and is in breakout mode. November likely to trade above October, and we could get a rare gap up on monthly, weekly and daily charts on Monday. The EURUSD Forex big bull bar […]