Transaction update: Monday 26 February 2024
S&P Emini pre-open market analysis
Emini daily chart
- The Emini took gains last Friday after the market hit a new 2024 high.
- Traders are more interested in buying closer to the moving average. This is a warning that the market is losing momentum.
- Because last Thursday’s breakout was strong, it will likely get a second leg. This increases the chances that the first flip down will fail.
- The Bears need to cap every second leg after Thursday’s bullish breakout.
- Bears are looking to form a strong entry bar today after Friday’s bearish signal line.
- Most likely, the bears will need a second entry selloff to convince traders that they have taken control.
- Overall, the daily chart will likely go sideways in the coming days.
5 minute Emini chart and what to expect today
- The Emini rose 3 points in the overnight Globex session.
- The Globex market has sidelined most of the overnight session.
- Traders should expect the open to have a lot of trading range price action and go mostly sideways at the open.
- Most traders should consider waiting 6 – 12 bars unless they are comfortable making quick decisions and trading with limit orders.
- There is an 80% chance of a trading range opening and only a 20% chance of a double top/bottom or wedge top/bottom.
- Most traders should wait for the opening swing which often starts before the end of the second hour after a double top/bottom or top/bottom wedge formation.
- The opening swing is important because it often provides great risk/reward, with decent odds, and often lasts for at least two feet and often two hours.
Friday Emini Setups

Al created the SP500 Emini charts.
Here are reasonable entry setups for Friday’s breakout. 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 continues to move sideways above its 20-period moving average.
- The bulls are hoping that they can stabilize above the moving average. This will increase the chances of higher prices.
- Bears see the market as a trading range or bear trend. They are hoping to make a double top with February 2ndn.d high. However, italic is more likely.
- Because of the 9-bar bull micro channel, chances are that the first reversal down will not go far.
- Overall, the EURUSD will likely decline for the next few weeks.
Summary of today’s S&P Emini price action

Al created the SP500 Emini charts.
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.