Trading Update: Tuesday August 2, 2022 Emini pre-open market analysis Emini daily chart The Emini has had a 5-bar bull micro channel with four consecutive bull bars. The odds are beginning to favor at least a minor pullback soon, with Emini first reversal down likely to fail. The odds also favor a test of the […]
Emini second leg up likely after strong upside breakout
Trading Update: Monday August 1, 2022 Emini pre-open market analysis Emini daily chart The bulls have three strong consecutive bull trend bars on the daily chart with a second leg up likely. The first target for the bulls has been met: the June 9th high, which was the start of the breakout below the June […]
Emini monthly candlestick close above 20-month EMA
The S&P 500 Emini futures closed below the 20-month exponential moving average in June. It reversed to close above the 20-month exponential moving average in July, like the prior 2 occurrences during the sell-off in December 2018 and the Covid-19 sell-off in 2020. The bulls need to create a consecutive bull bar in August to increase the odds of a re-test of the all-time high. July is an inside bull bar. It is a breakout mode pattern. The first breakout has a 50% chance of failing.
Emini bulls trying to change character of market
Trading Update: Friday July 29, 2022 Emini pre-open market analysis Emini daily chart The bulls got follow-through after the July 27 breakout. This increases the odds that the market will reach the June 2 high soon, which is the last major lower high. The bulls are trying to change the character of market and want […]
Emini bulls need follow-through test of June 2 lower high
Trading Update: Thursday July 28, 2022 Emini pre-open market analysis Emini daily chart The bulls got a bull breakout closing above the July 22 high yesterday. Bulls want this breakout to have a follow-through test today reaching the June 2nd major lower high. There is a measured move projection from the July 14 low to […]
Emini likely to test July 21 close soon
Trading Update: Wednesday July 27, 2022 Emini pre-open market analysis Emini daily chart Bears ended the 8-bar bull micro channel yesterday and got a bear bar closing near its low and below the open of June 28. July 21 was a reasonable Buy The Close bar, so the market with Emini likely to test July […]
Emini bears want close below breakout point (June 28)
Trading Update: Tuesday July 26, 2022 Emini pre-open market analysis Emini daily chart Emini bears want close below breakout point of June 28, damaging the bull case. The market formed an inside bar yesterday, closing near the open of the bar. Bulls hope that yesterday will lead to a successful pullback (high 1) buy setup […]
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 […]
Emini second leg sideways to up pullback
The S&P 500 Emini futures traded higher from a higher low major trend reversal. Bulls need to create a consecutive bull bar (follow-through buying) next week, something they have failed to do since March. The bear trend line and 20-week exponential moving average remain resistances above. If next week closes as a bear bar instead, it will mean the bulls failed to get follow-through buying yet again. Odds of a re-test of June low increases.
Emini strong breakout above neckline of double bottom
Trading Update: Friday July 22, 2022 Emini pre-open market analysis Emini daily chart The bulls have done a great job getting consecutive bull closes above the June 28 high this week. This will likely lead to a successful bull breakout above neckline (June 28) of the double bottom (June 30 and July 14). Bulls want […]