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S&P 500 E-mini Breakout Mode on Daily

ByAl Brooks
Published 12/16/2024, 11:30 AM
NXT
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S&P Emini market analysis

Emini daily chart

  • The Emini is forming a tight trading range on the daily chart that has gone on for six trading days. This is a breakout mode pattern on the daily chart.
  • The bulls are hopeful that the tight trading range is a pullback in the bull trend that will lead to an upside breakout.
  • The bears want the tight trading range to become a final flag leading to a reversal.
  • The Bears have done a good job making the market go sideways over the past two weeks, adding to the selling pressure. Next (LON:NXT), the bears need to start getting bear closes below the moving average.
  • Because the market is in a bull trend on the daily chart, there is an increased risk that the bulls will get a breakout above the December 6th high. The bears need to limit the breakout’s strength if they will get a reversal down.
     

Emini 5-minute chart and what to expect today
 

  • The Emini gapped up on the open and formed a second leg up to bar 6.
  • The bulls are hopeful that the current bull trend from the open will lead to a trend lasting all day.
  • However, the bar 7 rally is at last Friday’s high which is resistance. This increases the risk of the market going sideways around last Friday’s High.
  • The Bear formed an opening reversal with bar 8 and have now formed a 3 bar bear micro channel down to bar 10.
  • This increases the odds of a second leg down and a possible measured move down based on the opening range.
     

Friday’s Emini setups

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