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Emini Weak After June FOMC

By Al BrooksStock MarketsJun 18, 2021 10:05AM ET
www.investing.com/analysis/emini-weak-after-june-fomc-200586953
Emini Weak After June FOMC
By Al Brooks   |  Jun 18, 2021 10:05AM ET
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Emini Daily Chart

– Fell below Wednesday’s low, but reversed up and closed just above open.

– Yesterday is an Emini High 1 buy signal bar, but after two big bear days, and without a big bull body, it is a weak buy setup.

– However, it was a bad follow-through bar for bears looking for the start of a correction.

– There have been many selloffs over the past year. Most ended within a few days, and the bull trend resumed.

– Unless the bears get more bear bars closing near their lows, traders will expect another new high before there is a correction.

Emini 5-Minute Chart And What To Expect Today

– Emini is down 28 points in the overnight Globex session.

– It broke below yesterday’s low.

– This week is outside down from the all-time high on the weekly chart.

– Getting near the bottom of the three-week trading range. That increases chance that bears will take some profits soon.

– If the selloff is going to be the start of a correction, the bears will need to show signs of strength.

– One sign would be getting the week to close below last week’s low, and on the low of the week.

– There is therefore an increased chance of a bear trend day today.

– The bulls always want the opposite. They will, therefore, look to buy a reversal up from below last week’s low, and the bottom of the three-week trading range.

– They want the week to close in the middle third of the week’s range.

– Today will probably not be a big bull day since the bulls had three strong reversals up over the past few days, and the Emini is now breaking below all of those bottoms.

– When the market repeatedly tries to do something and fails, it often then tries to do the opposite. This increases the chance of lower prices over the next few days.

– Most days have at least one reversal, and that is likely today.

– Since the market is deciding if a reversal is starting on the daily and weekly charts, there is an increased chance of a trend day today in either direction.

– If there is a series of strong trend bars in either direction in the first hour, the odds of a strong trend day will go up.

– Today is Friday, so weekly support and resistance can be important, especially in the final hour.

– There are many magnets within reach today: last week’s high and low, this week’s open, this week’s high (which is the all-time high), the May 7 high, the open of the month, and the 4,200 Big Round Number.

Yesterday’s Emini Setups

Emini 5-Minute Chart.
Emini 5-Minute Chart.

Here are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry with a red rectangle. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a much more detailed explanation of the swing trades for each day (see Online Course/BTC Daily Setups).

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 currently in the market, these entries would be logical times for him to enter.

If the risk is too big for your account, you should wait for trades with less risk or trade an alternative market like the Micro Emini.

Emini Weak After June FOMC
 

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Emini Weak After June FOMC

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