Weekly Emini Low 2 Bear Flag But Weak Sell Signal Bar
Al Brooks | Apr 24, 2018 09:06AM ET
The Emini yesterday formed another trading range day. Since last week was a doji bar on the weekly chart, it is a weak sell signal. Yesterday fell below that low and triggered the sell signal. There were bulls below and the Emini reversed up strongly into the close.
The daily chart is still in a Small Pullback Bull Trend. Pullbacks typically last 1 – 3 days. Therefore, the bulls need a reversal up today. Since last week’s range was small, the bulls might be able to trade above its high. That would create an outside up week and it would be a sign of strong bulls.
h3 Overnight Emini Globex trading/h3The Emini is up 13 points in the Globex session. Hence, it might gap above yesterday’s high. If so, the gap will be small. Small gaps usually close within the 1st hour and are not significant signs of strength.
The past 10 days have been mostly trading range days. If today is another, the Emini will probably go sideways for the next week. The bulls need a strong bull trend day today or tomorrow to convince traders that the 3 month correction has ended. Without that, traders will assume that the trading range will continue for at least another week.
h2 Yesterday’s setups/h2Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.
/h2
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