Market Overview: Crude Oil Futures Crude oil strong rally reversed higher closing above the bear trend line and the 20-week exponential moving average. The bulls need to create a follow-through bull bar to increase the odds of higher prices. Bears want a reversal lower from a double top bear flag with August 30 or July 29 […]
Emini Surprise Breakout Second Leg Up Likely
Trading Update: Wednesday October 5, 2022 Emini pre-open market analysis Emini daily chart The bulls have gotten a strong reversal over the past two trading days. The upside Emini surprise breakout is strong enough that the first reversal down will likely fail and lead to a second leg up. At the moment, the odds favor […]
Emini Breakout below OO Pattern
The S&P 500 Emini futures broke out below the OO (outside-outside) pattern and tested close to the June low. The June low is close enough to be a magnet. Bulls want a reversal higher from a double bottom major trend reversal. However, because of the strong sell-off, the bulls will need a strong reversal bar or at least a micro double bottom before they would be willing to buy aggressively.
Emini Testing Breakout Point of September 6
Trading Update: Tuesday September 20, 2022 Emini pre-open market analysis Emini daily chart Emini market is reversing up and testing breakout point of the September 6 low. This is probably the start of a couple of legs sideways to up. The bears will try and keep the September 6 breakout gap open, however, it will […]
Nifty 50 Futures Breakout Gap
Market Overview: Nifty 50 Futures Nifty 50 futures breakout gap on the weekly chart confirmed by forming consecutive bull bars near the top of the developing trading range, which is more likely to get converted to an exhaustion gap. On the daily chart, the market formed a triangle late in the trend, and also there […]
DAX 40 Breakout Test of the Prior Trading Range
Market Overview: DAX 40 Futures DAX futures reversed strongly closing on the lows so it’s a sell signal on the monthly chart. It’s a DAX 40 breakout test of the prior trading range of January 2021. The bears want a move back into that range, a failed wedge bottom. The bulls see support at the […]
Emini bulls want strong entry bar today
Trading Update: Friday September 2, 2022 Emini pre-open market analysis Emini daily chart The bears began taking partial profits yesterday, and the bulls started to buy for scalps. Bulls want strong entry bar today. The market reached the July 8 breakout point where there were buyers. Most breakout points are eventually tested; this is because […]
EURUSD breaks below 7-year trading range
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.
Dax 40 bull bar at prior breakout point
Market Overview: DAX 40 Futures DAX futures was a bull bar at a prior breakout point. It’s always in short on the monthly chart and weekly but with consecutive bull bars at prior breakout points on the weekly we might go sideways. It is a low probability buy for the bulls and it’s selling low […]
Emini bulls want breakout to reach June high
Trading Update: Monday July 25, 2022 Emini pre-open market analysis Emini daily chart The bulls broke above the neckline (June 28) of the double bottom (July 14) last week. Bulls want breakout to lead to a measured move up and test of the June 2nd major low or high. The measured move from the July […]