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Emini Retraces Last Week’s Bear Trend

By Al BrooksStock MarketsSep 13, 2018 09:09AM ET
Emini Retraces Last Week’s Bear Trend
By Al Brooks   |  Sep 13, 2018 09:09AM ET
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Pre-Open Market Analysis

The Emini formed a trading range yesterday after Tuesday’s rally. That rally topped out at a 50% retracement of the 2-week selloff. After yesterday’s lack of follow-through buying, the bulls need a bull day today.

Their problem is the bull trend line on the daily chart. It is around Tuesday’s low and the Emini still might get there this week by going sideways or down. Consequently, to make traders believe that Tuesday was an adequate test of that support, the bulls need a strong rally today.

Overnight Emini Trading

Today is rollover day in the Emini. Most traders will continue to trade the September contract today because it will have much greater volume. However, the continuation charts are now based on December.

The Emini is up 10 points in the Globex market. It therefore might gap above yesterday’s high. The bulls need a strong rally today and tomorrow to confirm Tuesday’s micro double bottom on the daily chart. If they get it, the odds will favor a new high within a couple of weeks. If they do not, the Emini will likely continue sideways to down to the bull trend line below.

The Emini has been in a tight range for 6 days. That increases the chance of a lot of trading range trading again today. But, since the Emini is at support on the daily chart, it is in breakout mode. Tuesday was a small bull breakout. There is an increased chance of a bull trend day today and a confirmation of Tuesday’s bull trend reversal.

Yesterday’s Setups

Emini S&P 500
Emini S&P 500

Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars. My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or nearly Always In a position all day, and he was not in a position at the moment, these entries would be logical times for him to enter.

Emini Retraces Last Week’s Bear Trend
Emini Retraces Last Week’s Bear Trend

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