Trading Update: Tuesday June 28, 2022 Emini pre-open market analysis Emini daily chart Emini bulls had a strong breakout last Friday (6/24); however, the breakout led to bad follow-through in the form of a weak bear bar. At the moment, the odds favor a second leg up from the June 24th rally and test of […]
Emini bulls need strong follow-through for test of 4,200
Trading Update: Monday June 27, 2022 Emini pre-open market analysis Emini daily chart Bulls successfully closed above 3,900 on Friday. The bulls need follow-through for test of the June high and 4,200. At the moment, the market is close enough to 4,000 that it will probably have to test that price level soon. The market […]
EURUSD sideways trading range for 9 weeks
The EURUSD Forex is in a 9-weeks sideways trading range. The bulls want a reversal from a double bottom (May 13 and Jun 15) following a trend channel line overshoot and a wedge bottom (Aug 20, Nov 24 and May 13). They need to create follow-through buying next week to convince traders that a reversal higher may be underway. The bears want the EURUSD to stall around or below the May 20 high, the bear trend line, or the 20-week exponential moving average and a re-test of the low.
Nasdaq 100 failed breakout below May low
Market Overview: NASDAQ 100 Emini Futures The NASDAQ Emini futures weekly candle is a strong bull bar closing near its high. It’s a Nasdaq 100 failed breakout below the May low. Every day of the week was a bull bar, although they had tails indicating trading range price action. Friday was a strong bull day. […]
Emini reversed higher from trend channel line overshoot
The S&P 500 Emini futures reversed higher from a trend channel line overshoot and a wedge bottom. The bears failed to create follow-through selling below May low on the weekly chart. The bulls want a reversal higher from a trend channel line overshoot and a wedge bottom. The bulls will need to create follow-through buying next week to convince traders that a reversal higher may be underway.
Bitcoin second bear leg in trading range
Market Overview: Bitcoin Futures Bitcoin second bear leg in trading range developing within a bear channel, down 70% from the highs and currently testing a major support: the previous Breakout Point, which happens to be the prior all-time high. This week we have seen some bears buying below the biggest bear bar late in a […]
Nifty 50 strong bull close
Market Overview: Nifty 50 Futures Nifty 50 strong bull close on futures weekly chart, near wedge bottom line, and possible failed bear breakout of a cup & handle pattern. On the daily chart, Nifty 50 forming possible final flag, so the least bulls can expect is a trading range on both weekly and daily charts. Nifty […]
DAX 40 double bottom at 13000 big round number
Market Overview: DAX 40 Futures DAX futures was a doji and a double bottom at the 13000 big round number. We are always in short but a pause here at the bottom of a trading range will make bears consider whether they want to swing below. Bulls will start to scale in and a High […]
FTSE bull surprise bar at support
Market Overview: FTSE 100 Futures The FTSE futures market reversed up strongly with a bull surprise bar at support. It was the end of a measured move for the bears and you can see how quickly they exited. We said last week we would end up back at this magnet of a tight trading range, so […]
Bulls want close above 3,800 and strong finish to week
Trading Update: Friday June 24, 2022 Emini pre-open market analysis Emini daily chart The bulls want today to close above 3,800 and have a strong finish to week. Bulls are trying to get a reversal from the bear breakout below the May 20 low. The bulls closed just under 3,800 yesterday. The market will likely […]