I posted this chart after the close. The bulls had a breakout above a two week double top, which is the neckline of a 60 minute head and shoulders bottom. However, the Emini entered a tight trading range for the rest of the day, with a little trend resumption up into the close. The close […]
Market Update Report for the S&P500 Emini (ES) and Forex (EURUSD) will be available to logged-in Brooks Trading Course members at about 6:20am US Pacific Time each day. The update will be available to everyone, including visitors, about 2 hours after market open.
Intraday market update, Tuesday, August 12, 2014: breakout mode trading range open
I posted this S&P500 Emini candle chart after the close. The Emini had a trending trading range day and closed near the open of the day, and therefore formed a doji candle on the daily chart. The second leg down was a channel and therefore the day was also a spike and channel bear trend. […]
Intraday market update, Monday, August 11, 2014: Emini weekly buy signal
I posted this chart after the close. The Emini rallied above last week’s high and therefore triggered a buy signal on the weekly chart. However, the rally was weak, and very late in a 2 day bull trend. It was therefore likely to be part of a trading range and not a strong bull trend. […]
Intraday market update, Friday, Aug 8, 2014: major trend reversal
I posted this chart after the close. The Emini had a higher low major trend reversal after yesterday’s 4 day wedge bottom at key support levels. The breakout to a new high at 7:40 set the tone and was likely to remain the dominant feature for at least a couple of hours for day trading. […]
Intraday market update, Thursday, Aug 7, 2014: ABC bear flag
I posted this chart after the close. The Emini reversed down from above yesterday’s high in a big low 2 sell setup (an ABC bear flag). The strong bear breakout at 7:45 led to a bear channel, and the Emini entered a spike and channel bear trend. Bear trends are always forming wedge trend reversal […]
Intraday market update, Wednesday, Aug 6, 2014: bull trend reveral
I posted this chart after the close. The Emini today had a strong bull trend reversal up from below yesterday’s low, and it offered many buy setups for day traders. The Emini and S&P500 had 60 minute lower low major trend reversals. The Emini had consecutive buy climaxes up to the resistance of a measured […]
Intraday market update, Tuesday, Aug 5, 2014: opening reversal
I posted this Emini chart after the close. The stock market today remained in a trading range until 10:40 am PST when it had a very big bear breakout bar. Day traders who were watching were able to sell as the bar formed. When a bar is that big, the odds of more selling are […]
Intraday market update, Monday, Aug 4, 2014: tight trading range
I posted this chart after the close. Today’s Emini price action was controlled by yesterday’s strong reversal up. The odds favored a second leg up. During the first hour of day trading, the stock market was in a tight trading range within yesterday’s trading range. That made a trading range day likely. However, the bulls […]
Intraday market update, Friday, Aug 1, 2014: stock market bear trend reversal
I posted this chart after the close. Yesterday formed a huge bear breakout on the daily stock market charts. After an early, big rally today, the Emini fell to a new low of the day. Whenever a rally goes that far above the open, there is a lot of buying pressure, and that reduces the […]
Intraday market update, Thursday, July 31, 2014: gap down and breakout below monthly support
I posted this Emini chart after the close. The Emini gapped down and then entered a trading range from 8:00 am to 11:30 am. This was followed by bear trend resumption into the close. The daily and 60 minute charts are always in short. The breakout was very strong and will probably have at least […]