Trading Update: Tuesday October 22, 2024
S&P Emini market analysis
Emini daily chart
- The Emini formed a doji bar yesterday and failed to close far below last Thursday’s sell signal bar. This is a bad follow-through for the bears and increases the odds of sideways to up trading.
- Traders see the 6,000 round number just about and are hesitant to sell until the market gets to it.
- The bears are doing a good job making the market go sideways, but they have not done enough to increase the odds of a strong downside breakout below the moving average.
- There are probably buyers below yesterday’s low since it is a bad sell signal bar, and it is in the bottom 1/3rd of the six-day tight trading range.
Emini 5-minute chart and what to expect today
- The Emini gapped down on the open and formed a tight trading range for the first 7 bars of the day, just above yesterday’s low.
- This increases the odds of a test of the moving average.
- The bears are hopeful that the gap down is strong enough for a second leg down.
- As of bar 9, the market is probably Always In Long. The bulls are hopeful that the breakout will grow and lead to a trend from the open.
- The bears formed a deep pullback down to bar 15, which is disappointing for the bulls.
- The Bulls formed an upside breakout on 16-17, which is strong enough for a 2nd leg up. However, it is a possible double top with bar 8 after a gap down. This increases the risk of a 2nd leg trap if the bears get more selling pressure. At the moment, the bears need more.
Yesterday’s Emini setups
Al created the SP500 Emini charts.
Summary of today’s S&P Emini price action
Al created the SP500 Emini charts.
Emini end of day video review
Periodic end of day review videos will be moved to top of page when done.
EURUSD Forex end of day market analysis
EURUSD Forex daily chart
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EURUSD what to expect going forward
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See the weekly update for a discussion of the price action on the weekly chart and for what to expect going into next week.
Trading Room
Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com trading room days. We offer a 2 day free trial.
Charts use Pacific Time
When times are mentioned, it is USA Pacific Time. The Emini day session charts begin at 6:30 am PT and end at 1:15 pm PT which is 15 minutes after the NYSE closes. You can read background information on the market reports on the Market Update page.