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S&P 500 E-mini Disappointed Bulls at December High

ByAl Brooks
Published 12/11/2024, 12:00 PM
US500
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ESH25
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S&P 500 Emini market analysis

Emini daily chart

  • The Emini formed consecutive bear bars over the past two trading days. This is good for the bears and increases the odds of disappointed bulls at the December High.
  • While this is good for the bears, the context is a tight bull channel inside a larger bull channel over the past several trading days.
  • The odds favor a test of the December high. However, the bills will likely be disappointed and use the bounce to take partial profits. This increases the risk of sellers above the December high and the bears getting a 2nd leg down and testing the moving average.
  • The bulls were able to get a gap on the open of today’s U.S. Session. Next (LON:NXT), they want today to form a strong bull trend bar on the daily. This would increase the odds of a 2nd leg up.

Emini 5-minute chart and what to expect today

  • The Emini formed a large gap up on the open of the U.S. Session. This is due to the market getting a strong bull breakout during the 8:30 AM EST report earlier this morning.
  • As of 10:50 AM EST. The 5 Emini is in a strong bull trend intraday. Traders should only consider buying or selling pullbacks.
  • A trend always looks like it has gone too far. However, it can go much further.
  • It is better to wait and see a clear major trend reversal with strong selling pressure before looking to sell.
  • For a major trend reversal to set up, the bears will need to get a clear trendline break that is strong and, ideally, one that breaks below the moving average. Next, they will need a retest of the highs and for the market to form a variation of a double top.

Yesterday’s Emini setups
EMINI

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