S&P Emini Test of March 19th Breakout Point

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S&P Emini Test of March 19th Breakout Point

S&P Emini Pre-Open Market Analysis

Emini Daily Chart

• The formed a consecutive bear bar yesterday on the daily chart.
• The odds are that the breakout point above the March 8th high will close. This means that bulls are hesitant to buy far away from the March 8th breakout point high.
• The bears are trying to get a reversal of last week’s bull breakout of the month-long triangle.
• However, the bears need to do more if they are going to get a successful reversal and test of the March 19th low and the moving average.
• The bear will try to create another bear bar closing below its low. That would be a sign of increasing selling pressure. While the bears have not created a deep pullback, they would own the market for four consecutive bars, which would control time.
• Overall, the market will likely test closer to the March 19th breakout point high, which increased a sell vacuum test of the breakout point.

What to Expect Today

• Emini is up 10 points in the overnight Globex session.
• The Emini is likely to get a small gap up on the open of the U.S. Session.
• The bulls will try their best to get a close above the open of the day, which would disappoint the bears on the daily chart.
• The bears want a strong bear trend day, which would increase the odds of lower prices on the daily chart.
• As always, traders should expect the open to have a lot of trading range price action.

Yesterday’s Emini Setups

Here are reasonable stop-entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a near 4-year library of more detailed explanations of swing trade setups (see Online Course/BTC Daily Setups). Encyclopedia members get current daily charts added to Encyclopedia.

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. These therefore are swing entries.

It is important to understand that most swing setups do not lead to swing trades. As soon as traders are disappointed, many exit. Those who exit prefer to get out with a small profit (scalp), but often have to exit with a small loss.

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.

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[S&P 500 Futures, COMMERZBANK AG Call SP500MINI 03/17 31Dec99, COMMERZBANK AG Put SP500MINI 06/18 31Dec99, COMMERZBANK AG ZT SP500MINI 12/16 31Dec99
#Emini #Test #March #19th #Breakout #Point

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