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Trading Update: Tuesday April 23, 2024 S&P Emini pre-open market analysis Emini daily chart The Emini rallied yesterday after the bears formed 6 consecutive bear bars on the daily chart. The odds are there are sellers above last Friday’s high, the market is at major support, the 5,000 big round number. This increases the odds of a deep pullback. The bears who sell above last Friday’s high must be ready for a deep pullback and willing to scale in higher. Most traders are probably better off waiting to sell after a few legs sideways to up. Because the daily chart has been in a tight bull ch ..read more

Trading Update: Monday April 22, 2024 S&P Emini pre-open market analysis Emini daily chart The Emini sold off last Friday and reached the 5,000 Round Number. This will likely find profit taking a lead to a minor reversal and a bounce lasting at least a day or two. The daily chart has six consecutive bear bars in a microchannel which is climatic behavior. Every consecutive trend bar added lowers the probability of another consecutive trend bar. The odds are against today becoming the 7th consecutive bear bar. There are probably sellers above last Friday’s high. However, with last Friday re ..read more

Market Overview: S&P 500 Emini Futures The market has entered an Emini profit-taking and pullback phase. The bears want at least a second leg sideways to down after a pullback. The bulls hope to get at least a small retest of the prior trend extreme high (Mar 21), even if it only leads to a lower high (thereby forming a lower high major trend reversal). They hope that the 20-week EMA will act as support. S&P500 Emini futures The Weekly S&P 500 Emini chart This week’s Emini candlestick was a big bear bar closing near its low and below the 20-week EMA. Last week, we said that ..read more

Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil pullback closing as a bear bar with a prominent tail below. The bears will need to create consecutive bear bars closing near their lows to convince traders that they are back in control. If the market trades lower, the bulls want the 20-week EMA or the bull trend line to act as support. Crude oil futures The Weekly crude oil chart This week’s candlestick on the weekly Crude Oil chart was a bear bar with a prominent tail below. Last week, we said that the odds slightly favor the market to remain in the bull chan ..read more

Market Overview: EURUSD Forex The bears got a disappointing EURUSD follow-through selling on the weekly chart. They hope that this week was simply a pullback and hope to get at least a small second leg sideways to down. The bulls want a reversal from a higher low major trend reversal, a larger wedge bull flag (Mar 15, Oct 3, and Apr 16) and a wedge in the third leg down (Dec 8, Feb 14, and Apr 16). EURUSD Forex market The Weekly EURUSD chart This week’s candlestick on the weekly EURUSD Forex chart was a small bull doji with tails above and below. Last week, we said that the odds s ..read more

Market Overview: FTSE 100 Futures FTSE 100 futures went sideways to down last week after a bull BO. The bulls hit their swing target, took their 2:1, and ran! Big breakout gap below, so a better place to get long is down there – if it sets up. Bears who were fading the breakout got a relief bar. Expect a second leg sideways to down and High 2 next week. FTSE 100 Futures The Weekly FTSE chart FTSE 100 Expanding Triangle, Bull BO PB, Surprise The FTSE 100 futures went lower last week in an expanding triangle, a bear surprise bar after a bull BO and a pullback. The bulls see BOM, a bull breakou ..read more

Market Overview: DAX 40 Futures DAX futures had a strong pullback end last week and went sideways with a bear doji. Friday was a strong reversal bar that hit bear targets. This is a weak bar for stop-entry traders. We will likely form a trading range around this price and 18000. It is strong enough for a second move sideways to down. DAX 40 Futures The Weekly DAX chart DAX 40 Pullback, Second Leg Sideways to Down Likely The DAX 40 futures went sideways to down last week with a pullback from measured move targets. The bulls see a bull spike and channel, two strong legs up, so two legs sideway ..read more

Market Overview: NASDAQ 100 Emini Futures The NASDAQ Emini futures week is a big bear bar closing on its low far below the exponential moving average (EMA). The market also had a close below November 2021 bull body gap. On the daily chart, the market had a bear micro-channel with bear trend bars on 4 of the 5 days. The market has closed the bull gap from the November 2021 high with several bear trend closes below it. So far, the month is a big bear trend bar reversing the bull bodies of the prior 3 months. Since the monthly chart is in a bull micro-channel, there should be buyers below prior b ..read more

Market Overview: Nifty 50 Futures Nifty 50 Micro Double Bottom on the weekly chart. This week, the market closed with a weak bearish tone. The candle shows a small bearish body with a long tail at the bottom. This weak close reduces the likelihood of a significant trend reversal. Instead, the bears might see a trading range rather than a full reversal. The market has also formed a micro double bottom, and if there’s a bearish breakout from this pattern, it could push the market towards a price around 21,000, which would serve as strong support. On the daily chart, Nifty 50 is trading within a ..read more