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E-mini's Outside Up Day

By Al BrooksStock MarketsMar 18, 2021 09:46AM ET
www.investing.com/analysis/eminis-outside-up-day-200568111
E-mini's Outside Up Day
By Al Brooks   |  Mar 18, 2021 09:46AM ET
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Pre-Open Market Analysis

E-mini Daily Chart

  • Yesterday, the E-mini traded below Tuesday’s low and then moved above its high following the FOMC announcement, making Wednesday an E-mini outside up day. In addition, it also made another new all-time high.
  • 10-day rally in tight bull channel so traders expect higher prices.
  • It's testing the 4,000 Big Round Number, and reversals often come from just below major resistance.
  • A reversal down today would create a 6-day micro wedge top. If it closes today in its lower half, it will be a sell signal bar for tomorrow on the daily chart.
  • If the week closes below the week's opening, then this week will have a bear body and it'll be a sell signal bar on the weekly chart.

Overnight E-mini Globex Trading

E-mini 5-minute Chart

  • E-mini was down 25 points in the Globex session.
  • The overnight selloff was in a Spike and Channel Bear Trend, so traders should expect a break above the bear trend line, and at least a couple hours of sideways to up trading today.
  • Week's open has been a magnet all week, and the week ends tomorrow. Bears want the week to close below the open, so that this week will have a bear body, and be a sell signal bar on the weekly chart.
  • As always, if there is a series of strong trend bars in either direction in the 1st hour, traders will look for a strong trend day.

Yesterday's Setups

E-mini bull breakout after FOMC forming an E-mini Outside Up day.
E-mini bull breakout after FOMC forming an E-mini Outside Up day.

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 E-mini.

E-mini's Outside Up Day
 

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E-mini's Outside Up Day

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