Emini Bulls defending the March 8 breakout point

Transaction update: Thursday, March 28, 2024

S&P Emini pre-open market analysis

Emini daily chart

• Yesterday, a strong bullish burst occurred late in the day, which created a strong bullish line on the daily chart.
• The bears tried to close on March 8th^u breakout point gap and failed to achieve subsequent selling after Tuesday’s outer bearish line. However, so far the bulls have been able to defend the March 8 starting point.
• Bulls are optimistic that today will see strong follow-on markets. However, they are more likely to be disappointed and today will be a weak uptrend line or a trading range line.

5 minute Emini chart and what to expect today

• Traders should assume that today, the US session will see a lot of trading range price action at the open.
• Most traders should wait 6-12 bars before placing a trade unless they are able to trade with limit orders and make quick decisions.
• Because yesterday’s rally was so strong late in the session, traders should expect the downside to be limited at the open.
• The best the bears can probably hope for is a trading range with limited downside unless they can develop more selling pressure.
• The bulls may try to resume the trend at the open. However, because yesterday’s rally was top-heavy, the open may go sideways for many bars.
• Investors should pay attention to yesterday’s high as it will likely be a magnet during today’s session.
• The bulls today want to activate the market with a strong entry bar, and the bears want to prevent the bulls from getting their follow-through.
• The day’s open will likely be important as well. The bears are hoping they can create a bearish reversal bar. At the very least, the bears will want to close below the open today as a sign that they own the bar.

Emini Briefing Update

• The Emini has gone sideways, near yesterday’s high for the first 24 bars.
• Bulls want a strong upside breakout above yesterday’s high, creating continuity on the daily chart.
• If the bulls continue to fail above yesterday’s high, they may give up and the bears will be up to defeat the bulls.
• You are more likely to wait and see consecutive long bear bars below the moving average or 3-4 consecutive closes below the moving average before attempting to sell.

Yesterday’s Emini settings

Al created the SP500 Emini charts.

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

My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or almost Always In on a position throughout the day and was not currently in the market, these entries would be reasonable times to enter. So these are floating shares.

It is important to understand that most swing setups do not lead to swing trades. Once traders get frustrated, many leave. Those who exit prefer to exit with a small profit (scalp), but often have to exit with a small loss.

If the risk is too much for your account, you should wait for lower risk trades or trade an alternative market like Micro Emini.

Trading strategies in the EURUSD forex market

EURUSD Daily Forex Chart

• EURUSD formed a 1 short low two days ago and has been selling below it.
• Low 1 settings usually get a small reversal followed by a retracement of the trend. Today is a second leg for the Bears after last week’s two-bar sweep. This is the least the bears expected.
• While it’s good that the bears are getting their second leg, she’s spending a lot of time in the middle of her range today. This is a sign of a weaker breakout and increases the chances of a breakout failure below March 22^n.d low.
• Bulls argue a parabolic wedge and a failed breakout below March 1^St low.
• If today or tomorrow reverses, forming a bull bar that closes near its high, that will increase the chances that bears will buy back shorts above it.
• Overall, the selloff has been declining since March 8^u low is likely a bear leg in a trading range. This increases the chances of buyers not far below today’s low and a reversal to the upside.

Summary of today’s S&P Emini price action

Al created the SP500 Emini charts.

Video review at the end of the day

Today’s Emini end-of-day review will begin at 4:10 p.m. EST. Click the link to subscribe: https://www.youtube.com/live/XEoz-faFE-U?si=0ZDfJnjdtP9AwCu-

See the weekly update for a discussion of price action on the weekly chart and what to expect next week.

Trading room

Al Brooks and other presenters talk about detailed real-time Emini price action every day on the BrooksPriceAction.com trading room days. We offer a free 2-day trial.

Charts use Pacific Time

When times are given, they are US Pacific Time. Daily Emini charts start at 6:30 AM. PT and end at 1:15 p.m. PT, which is 15 minutes after the close of the NYSE. You can read information about market reports on the Market Update page.