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S&P 500 E-Mini Bulls Form 3 Consecutive Bull Bars: Should You Go Long?

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Market Overview: Emini Futures

Strong Bulls formed 3 consecutive bullish bars closing near the high, breaking far above the 20-week EMA and the bearish trendline on the weekly chart. They want a resumption of the uptrend. Bears hope for a reversal of the main trend lower or double top.

S&P 500 Emini Futures

Weekly chart of S&P 500 Emini

  • This week’s Emini candle was another bullish candle in a row that closed near the high.
  • last week We say that odds still slightly support the market to trade at least slightly higher. And traders will see if the bulls will get another follow-up bull bar. It closed above the bear trend line.
  • This week it is trading higher. And the bull market has a subsequent bull bar closing above the bear trend line.
  • Bulls see a downward move. (from July 27) a deep retracement of the entire upward move that began in October 2022.
  • They had wedge flag reversals (18 Aug, 3 Oct, and 27 Oct) and trendline breaks.
  • They then had a strong rally with consecutive bullish bars breaking above the 20-week EMA and the bearish trend line.
  • The current move up is in a 4-bar bullish microchannel, with a large bull bar closing near the high. That means a strong cow.
  • If they get a few strong bullish bars in a row. The odds of the bull trend resuming will increase. The uptrend may resume.
  • If the market is trading lower They need more reversals from the reversal of the main trend lower and higher, and the 20-week EMA acts as support.
  • Bulls will need to continue building on their buying after closing above the bear trend line this week.
  • Previously, the Bears got the third leg down to form a wedge formation (18 Aug., 3 Oct. and 27 Oct).
  • They want a strong breakout below the bullish trend line. Instead, the market turned around strongly.
  • Bears view the strong recovery as another test of the July 27 highs. and want to reverse the main trend reversal lower or double top.
  • Because this week’s candle is the one that closed near the high. So it is a buy signal bar for next week.
  • The market may gap up on Monday. Small gaps tend to close early.
  • Odds still support the market slightly, remaining sideways to an uptrend.
  • Traders will see if the bulls can pick up another follow-up bull bar. Or the market will trade slightly higher but close in a doji or bearish pattern.
  • If the market declines slightly in the next few weeks, The odds are in favor of the bulls moving up at least slightly.
S&P 500 Emini daily chartS&P 500 Emini daily chart

S&P 500 Emini daily chart

  • The market gapped above the bearish trendline on Tuesday. Followed by sideways trading on Friday.
  • last week We say that the odds are quite favorable for the market to remain sideways to the upside. Traders will see if the bulls can create a continuation of the trade above the October high and the bear trend line.
  • Bulls view the previous sell-off as a sharp pullback of the entire rally starting in October 2022.
  • They had wedge flag reversals (18 Aug, 3 Oct, and 27 Oct) and trendline breaks.
  • The move up has been strong with several large gaps still open and in a tight bull channel.
  • The next target for the bulls is the July 27 high and all-time high.
  • They hope the current rally will skyrocket and the channel will last for many months.
  • If the market is trading lower The odds are slightly bullish for the second leg.
  • The bears hope this strong recovery is just another test of the July 27 peak.
  • They want a strong reversal. The same happened in August 2022 after a similarly strong recovery.
  • They need a reversal down from the reversal of the main trend lower high and micro double top (15 Nov and 17 Nov).
  • For now, buying pressure remains very strong. Even though the movement is at its peak.
  • Until the bear market is able to create a strong bearish bar with continued selling that follows. Odds continue to support the market, remaining sideways to an uptrend.
  • If there is a greater pullback Slight odds allow for a slight second leg to the upside after the pullback.

The article is in Thai

Tags: EMini Bulls Form Consecutive Bull Bars Long

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