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Trading Update: Thursday May 9, 2024 S&P Emini pre-open market analysis Emini daily chart The Emini formed a High1 buy signal bar. High 1 setups typically lead to pullback and trend resumption. This means there might be sellers above yesterday’s high, leading to a brief pullback lasting 1 – 2 bars. Just because there might be more sellers above yesterday’s high, does not make it a great short. The bar is closing on its high and High 1 signal bars, such as this one, often get trend resumption after a pullback. This means traders should look for the trend resumption, not a sell above the ba ..read more

Trading Update: Tuesday May 7, 2024 S&P Emini pre-open market analysis Emini daily chart The Emini is getting a bull breakout of the bear flag (April 19th low and April 29th high). At the moment, the market is Always In Long, and will likely get a second leg up. The bulls are hopeful that today will become another strong bull bar closing on its high. The bears want to prevent the bulls from getting a bull bar closing on its high. They are hopeful that today is a bear reversal bar closing on its low. Even if the bears get a close below the open, the odds favor buyers below and a second leg ..read more

Trading Update: Monday May 6, 2024 S&P Emini pre-open market analysis Emini daily chart The Emini broke above the 20-period moving average last Friday. However, the bulls failed to get a strong close above the moving average. The bulls are hopeful that today will close far above last Friday’s high, creating trapped traders and a successful bull breakout of a bear flag. The bulls are hopeful that this is the start of a bull breakout above the April bear flag (April 19th low to the April 29th high). Next, the bulls want a measured move up to near 5,300. The bears want the breakout above the ..read more

Market Overview: S&P 500 Emini Futures The weekly chart is forming a minor Emini pullback. The bulls want a strong retest of the March 21 high followed by a strong breakout above, starting the larger bull channel phase. The bears want at least a small second leg sideways to down after a pullback. If the market trades higher, they want a reversal from a lower high major trend reversal. S&P500 Emini futures The Monthly Emini chart The March monthly Emini candlestick was a bear bar closing below March’s low with a prominent tail below ..read more

Market Overview: Crude Oil Futures The monthly chart formed a Crude Oil lower high in April. The bears want April to reverse back below the 20-month EMA and form a second leg sideways to down to retest the December low from a lower high major trend reversal (Apr 12). The bulls hope that the current sideways-to-down move is simply a pullback and want at least a small second leg sideways to up to retest the April 12 high. Crude oil futures The Monthly crude oil chart The April monthly Crude Oil candlestick was a bear doji with a long tail above. Last month, we sa ..read more

Market Overview: Bitcoin After a year of remarkable highs, Bitcoin appears to be facing a significant crossroads. The April monthly candle tells a tale of fading bullish momentum, closing near its lows after a failed breakout above the previous all-time high. The weekly chart highlights a limit order market, where bulls are attempting to find support but face persistent selling pressure from bears. Will the bulls regain control and ignite a new uptrend, or is this the beginning of a deeper correction within the overall market? This edition of our Bitcoin Weekly Report delves into these crucial ..read more

Market Overview: FTSE 100 Futures The FTSE 100 futures went always in long last month with consecutive bull bars closing above the moving average. We left the wedge bottom and broke to the upside, so most bears got out of the way. It is a trading range, so most gaps should close, and pullbacks can be deep. FTSE 100 Futures The Monthly FTSE chart FTSE 100 Always In Long, ATH, Top of TR The FTSE 100 futures chart last month had a bull bar closing near its high, so we should go above it. It is the second consecutive bull bar closing above the moving average so likely always in long. The bulls s ..read more

Market Overview: DAX 40 Futures DAX futures went lower last month with a bear outside bar closing on its midpoint. It is sideways after a strong bull spike and possibly two legs up. It could be time for a correction, but without a decent sell signal, it might transition into a broader channel instead. DAX 40 Futures The Monthly DAX chart DAX 40 Bear Outside Bar, in Tight Bull Channel The DAX 40 futures was a bear outside bar, closing on its midpoint last month. It was a bull microchannel, where every low was above the prior low. So, the first time we go below the low of a prior bar is a buy ..read more

Market Overview: NASDAQ 100 Emini Futures The NASDAQ Emini futures April monthly candlestick is a big bear bar with a prominent tail below. It is the first pullback since October 2023. The week is a bull doji bar with a long tail below. The long tail below is likely the 2nd leg corresponding to the big move down 2 weeks back. NASDAQ 100 Emini futures The Monthly NASDAQ chart The April month bar is a big bear bar with a prominent tail below. This is the first pullback in the bull micro-channel that started in November 2023. The last monthly report had mentioned that bears can still try to cl ..read more