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 […]
Emini bulls want consecutive bull closes above June 28
Trading Update: Thursday July 21, 2022 Emini pre-open market analysis Emini daily chart The bulls got a follow-through bar following the July 19 bull breakout. They hope today will be another bull close which would create consecutive bull closes above June 28 and increase the probability of higher prices. Yesterday was also a close above […]
Emini bulls need strong follow-through after yesterday’s breakout
Trading Update: Wednesday July 20, 2022 Emini pre-open market analysis Emini daily chart The bulls had a strong breakout yesterday, closing above the July 8 high. The bulls need to get strong follow-through today to convince traders that the market is going higher. Bulls want yesterday to lead to a successful breakout of the neckline […]
Emini bulls disappointed after poor follow-through
Trading Update: Tuesday July 19, 2022 Emini pre-open market analysis Emini daily chart The market had a big outside down bar yesterday following a test of the July 7th bull close. The bulls are disappointed after yesterday’s poor follow-through. Yesterday was a reminder that the market is still in a trading range, and even though […]
Emini bulls want breakout above neckline of double bottom
Trading Update: Monday July 18, 2022 Emini pre-open market analysis Emini daily chart Bulls had a strong entry bar following last Thursday’s (July 14) double bottom high low major trend reversal signal bar. The strong follow-through last Friday increases the odds of higher prices. The bulls hope this is the rally that will lead to […]
Emini failed breakout below inside bar on weekly chart
The S&P 500 Emini futures broke below the prior week’s bull inside bar but reversed to close near the high. It is likely a failed breakout from the i pattern. Bulls want a reversal higher from a wedge bottom and a trend channel line overshoot. They want at least another leg higher from a higher low major trend reversal. The bulls will need to create consecutive bull bars closing far above the June 28 high to increase the odds of a test of the June 2 high.
Emini bulls need strong entry bar today
Trading Update: Friday July 15, 2022 Emini pre-open market analysis Emini daily chart The Emini reversed yesterday and closed on its high after falling below the June 30 low. The bulls need strong entry bar today, which will increase the odds of higher prices. The bulls have a double bottom higher low major trend reversal, […]
Emini bears want breakout below double top neckline
Trading Update: Thursday July 14, 2022 Emini pre-open market analysis Emini daily chart The bears want a breakout below the June 30 breakout double top neckline (June 28 and July 8 high). Next, the bears would want a measured move down below the June 17 low. Bulls still want a double bottom high low major […]
Emini bulls want double bottom higher low major trend reversal
Trading Update: Wednesday July 13, 2022 Emini pre-open market analysis Emini daily chart The bulls are hopeful the market will form a double bottom higher low major trend reversal with the June 30 low. The bulls had a higher low major trend reversal on June 30th. However, the bulls may need a double bottom higher […]