The S&P 500 Emini futures continue the strong rally up, likely to test the May 4 high and the bear trend line. The move up is strong enough for traders to expect at least a second leg sideways to up after a pullback. The bears want a reversal lower from a wedge bear flag (June 28, July 29 and Aug 13), but because of the strong leg up, the bears will need at least a micro double top or a strong reversal bar before they would be willing to sell aggressively.
Emini possibly sideways trading range soon
Trading Update: Friday August 12, 2022 Emini pre-open market analysis Emini daily chart Emini possibly sideways trading range soon. The market broke above the midpoint of the year (4,220) and closed near its low yesterday. While the market is in a small pullback bull trend, the odds favor the market forming a trading range soon […]
Emini testing year midpoint
Trading Update: Thursday August 11, 2022 Emini pre-open market analysis Emini daily chart Emini testing year midpoint. The market closed above the June 2 high yesterday, which is good for the bulls. The next target for the bulls is the 50% pullback of the January 2022 high and the June 17 low, which is around […]
Emini bulls want close above June high today
Trading Update: Wednesday August 10, 2022 Emini pre-open market analysis Emini daily chart Update after 5:30 AM PT report: The bulls got a strong close above the August 8th high and June 2 high. Bulls want close above June high today. The Emini tested the June 2nd high two days ago, forming a bear bar […]
Emini may need correction down to 4,000 soon
Trading Update: Tuesday August 9, 2022 Emini pre-open market analysis Emini daily chart The Emini went above the June 2 major high low yesterday and reversed down. Since the rally is climactic, the market may need correction down to 4,000 to find more buyers. Now, traders will agree that the market is either in a […]
Emini likely to reach June high today
Trading Update: Monday August 8, 2022 Emini pre-open market analysis Emini daily chart Emini likely to reach the June 2 high today, and go at least one point above it. June 2 is a major lower high, and if the bulls go above it, they can argue that the market is either in a bull […]
Emini futures double top bear flag, but strong leg up
The S&P 500 Emini futures tested close to the June 2 high. Bears want a double top bear flag, but the bull small bar on the weekly chart is a weak sell signal bar for next week. The move up since July 14 is fairly strong. Odds are the bulls will get at least a small second leg sideways to up after a pullback.
Emini pullback before test of June 2 high
Trading Update: Friday August 5, 2022 Emini pre-open market analysis Emini daily chart The market is beginning to stall just under the June 2nd high and may have to pullback before test of the high. While the rally up to the June 2nd high has been strong, it is beginning to form a parabolic wedge, […]
Emini likely sideways at June high
Trading Update: Thursday August 4, 2022 Emini pre-open market analysis Emini daily chart Yesterday got within 8 points of the June high. It will probably have to reach it today or tomorrow. Once the market reaches the June 2nd high, Emini likely sideways around that price level. The bulls got the minimum for a second […]
Emini bulls taking partial profits
Trading Update: Wednesday August 3, 2022 Emini pre-open market analysis Emini daily chart The sideways trading over the past two days is likely due to bulls taking partial profits than bears establishing short positions. The first reversal down from the July 29th bull breakout will likely fail and lead to a second leg up and […]