Emini Opening Review Thursday March 23 2023 - Al Brooks

[Music]  thank you  hi everyone this is Al Brooks and I want  to quickly review what took place today  as I said in the open yesterday had  multiple big reversals and I thought  today would be an inside day that we  would not go above yesterday's high we  would not go below yesterday's low and  that we would stay pretty much in the  middle third of yesterday's range we had  a big gap up on the open and bar one had  a prominent tail on top and that's not a  good stop entry bar for the Bulls or the  Bears bar two a bear inside bar with a  tail below tail above probably a limit  order Market sellers above somewhere  around the two averages and buyers below  and then bar three we've got a new low  of the day and a new high of the day and  a close above one so we're probably  going higher I don't know how much  higher maybe to the top of the middle  third of yesterday's range maybe to the  top of yesterday's cell climax up here  maybe all the way up there it's not  strongly bullish we have a big tail the  bar is not very big it did not close  above the moving average but it did  close above one  and then five we have a second reversal  down bar two bar five but it's a doji  bar after two bull bars we're probably  always in long and we're probably going  higher so I would not sell below five  six it's a high one the Bulls are hoping  it's a bull Trend that began with two  but it's four bars sideways with  prominent Tails not all that bullish  seven we went up we went down a possible  wedge with one four and seven but I  would not sell below seven it's a bull  bar and we've only had one beer bar  today so probably more sideways two up  eight a bull inside bar closing on its  high we did not go below seven we did  not trigger the cell it's a buy and a  small pullback full Trend but I'm not  sure how high up we go so if you buy  I would be reasonably quick to get out  if you're disappointed  bar 10 a micro double top nine a micro  wedge with seven nine ten a wedge with  four  seven and ten but only a tiny body and a  small pullback bull Trend I would not  take that short eleven a high one  similar to six similar to eight but two  doe juice probably more sideways to the  moving average 12 now a wedge different  ways to look at it four or seven and  then ten and twelve  but three doji's right above the moving  average I would not take that short  and then 14 outside up a bull bar  closing near its high a double bottom  11. it's a possible buy but so far not  all that bullish we may break above 12  and accelerate up  always in Long nothing to sell but not a  great Buy  15. now we have consecutive bull bars  closing on their highs and both above  the moving average it looks like we're  probably going to break above 12. and if  it's a big bar closing near its high it  could lead to a trend up I still think  we'll have a hard time getting much  Above This  and I don't think we'll get much above  the  um  middle third of yesterday's range and  then 16 we have a bowl surprise so we're  probably going to get at least a small  second leg sideways to up it's by the  market by the close three consecutive  boulevards closing near their highs  we'll probably get a follow through bull  bar and we did 17 but now we've had two  bull bars breaking above 12 and we're in  the middle of yesterday's training range  we're probably going to get a pullback  soon  however we should get a second leg up 18  a high one for the doji bar I think we  may go up a little bit but I suspect  that it's warning us that there's  I suspect that it's warning us that  there's not much left to the trend and  that will soon start to form a trading  range  and so it's not a great High one and you  can see we broke above at 19 but a small  bar and a tail and then 20 a bigger tail  probably a microwed 17 19 20. 21 I would  not buy the 21 Low however I would  consider buying near the moving average  I would get out of Long's below 21 or  you can use a wide stop and buy more  lower  22 a bear surprise after a black climax  we'll probably get a couple legs  sideways to down to the moving average  23 a high one but after the Bear bar 22  we should get a second leg down so I do  not want to buy Above 23 and then  another bear surprise 24 a trading range  is more likely than a bear Trend so  there probably are more Bulls buying the  clothes and buying the moving average  than there are bears selling the clothes  so I still would not sell I'll have one  bar 25 but a tail and a six bar bear  micro Channel and there's room for the  moving average probably sellers about 25  I would not take the buy and for the  bearish 26 a double top Bear Flag 23 but  a bull bar and probably buyers that's  the moving average not good for stop  entry Traders limit order trading 28 a  20 Gap bar by as the moving average with  a decent body and it's a wedge bull flag  22 24 and 27.  but the chart is in a trading range and  the rally is not particularly strong  it's probably a bull leg in a trading  range and therefore we should disappoint  the Bulls and that means we should fall  at least a tick below the 12 high and  therefore I don't want to buy Above 28  I'll wait to see if we break up strongly  to the upside did not 30 that's a bear  bar closing near its low I think we're  going to dip below the 12 high but it's  a tight training range two bull bars  right above the moving average not a  good buy excuse me not a good sell and  then 31 a double bottom 28 put a bear  doji after a big bear bar and we should  fall below the 12 high so I'm not going  to buy Above 31.  um 32 a low one and a small pullback  bear Trend but a bull bar  at the moving average I would not sell  below 32. there will be some Traders  selling below the 28 low the Bulls will  give up there the Bears might sell  hoping for a measure move down  I think we're going to drop at least one  tick below the 12 High we might get down  to the 14 low I'm not sure that we'll  get a lot lower  33 a breakout below the double bottom a  breakout below the wedge bull flag  um might go down for a measured move 35  a micro double bottom a possible failed  breakout we should get a second leg down  after 33 so probably sellers above um  35. and that's it for the first  um  90 minutes until that's the that's we're  around nine o'clock so I'm going to stop  talking right here this sell-off is  probably a bare leg and a trading range  we're testing the 14 low we're testing  the 60 Minute moving average it's  possible it could be an endless pullback  and a bear Trend but it's more likely  it's going to be the opposite of this  this was a bootleg in a trading range  and we're currently probably in a bear  leg in a trading range all right hope  everybody has a good day thank you