Will the E-mini Test Previous Highs This Week?

» Get More Trading Insight «

Here’s an update to last week’s video where John Paul said to watch out for a potential E-mini breakout. There’s been a lot of talk about a forthcoming reversal in the market. Load up a 1-week chart in your platform of choice and look for the large red candle for the first week of August. Based on this weekly movement, many institutional traders, trading advisers and individual traders likely went short. The following week, the market went down a bit more, came back up and closed as a doji candle. There was no confirmation whether the market wants to go higher or lower. We’ve started a new week here on August 15, so the currently plotting bullish candle may be a sign that the market will go up and test the most recent “high area” of 1978. The market may turn around on a dime and drop later today, next week, etc., but watch what happens if price hits the 1978 level.