Emini has 5 consecutive bull bars in January rally so bear bar likely today or tomorrow
Yesterday closed with 5 consecutive bull bars on the daily chart. Since that is extreme, it increases the chance of a bear day today or tomorrow. But unless there is a strong reversal down, the bulls will continue to buy pullbacks on the daily chart.
Yesterday’s high was below Friday’s high, and therefore yesterday was a pullback. Because it was a bull inside day, it is a High 1 bull flag buy signal bar for today. However, the body was small, and a doji bar is a weak buy signal.
It is important to note that yesterday was the 3rd day above the bull channel on the daily chart. Most breakouts above bull channels fail within about 5 days. There is therefore an increased chance of a reversal down for a couple weeks beginning this week.
Overnight Emini Globex trading
The Emini is up 5 points in ...