Transaction update: Friday March 8, 2024
S&P Emini pre-open market analysis
Emini daily chart
- The Emini retreated yesterday, closing above the March 4 highuh and approaching the 5,200 round count.
- The daily chart is still in a bull channel forming open gaps. This increases the chances of a trend retracement or sideways to the upside.
- Bears should start to close below the moving average. Without that, the best the bears can hope for is a trading range.
- Even if the bears can get close to the moving average, the odds will favor a trading range rather than a bear trend.
- The market is nearing 5,200 and may have to reach there before pulling out.
- Overall, traders should assume the odds will favor sideways to upside until the bears are able to generate more selling pressure.
Emini Intra Day Update
- The open rallied, forming a bull trend from the open bull trend. From line 12, the market is Always Long and the odds favor an uptrend or trading range, not a bearish trend.
- Bears need to generate more selling pressure if they want to take control of the market.
- Even if the bears can generate more selling pressure, the odds will favor sideways around the moving average.
- The rally to bar 12 is strong enough for a second leg to the upside.
- Bears should try to form a major trend reversal before they have a realistic chance of getting a reversal.
- The market may start to go sideways for several hours and decide to resume the trend or reverse the trend later in the day.
- From line 16, the odds still favor at least a small 2n.d foot over bar 8 height.
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 has a bear flag. Yesterday’s breakout raises the odds for a second leg and test on January 11u top of the bear channel.
Summary of today’s S&P Emini price action
Al created the SP500 Emini charts.
Video review at the end of the day
Live video stream to come Monday, Wednesday and Friday (subject to change).
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.
