Transaction update: Monday, April 15, 2024
S&P Emini pre-open market analysis
Emini daily chart
- The Emini is under more selling pressure below its moving average. This is a sign that the daily chart is developing into a trading range. Because the market is likely to be in a trading range, the odds favor a rally that lasts a few days.
- While this is good for the bears, the market hasn’t been this far below its moving average in several months. This increases the chances of a rally in the coming days.
- Because the daily chart is in a trading range, the upside is also likely limited. Even if the market reaches April 1stSt high, sellers will probably be over.
- The bulls want last Friday to lead to a failure below April 11u low. Then today they want to form a bull reversal bar that closes near its high.
- Over the next several months, the Emini will likely test lows. However, the bears have yet to develop more selling pressure, which means the market may rise above the April high before traders start selling.
5 minute Emini chart and what to expect today
- The Emini rose 44 points in the Globex overnight session.
- Emin went sideways for most of the overnight session and formed an uptrend during the 8:30 AM EST report.
- Bulls today want to form a strong bull trend day, which would create a bull reversal line on the daily chart.
- The bears want the opposite and to generate follow-through selling after last Friday’s bear breakout.
- Most likely, today will disappoint the bears and lead to a bull reversal bar.
- Because the market will rise, the odds favor a second leg to the open. This means traders should keep an eye on it and expect the sell-off to be short.
- If today is going to be a trend day, the odds favor an uptrend due to the upside spread.
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 formed a strong bullish for the bears last Friday. Last week’s selloff is strong enough for traders to expect 2n.d foot down.
- This means that the first reversal is likely to be limited and there are potential sellers not far above.
- Bears hope the current decline will lead to a measured decline of the past 5 months and test the October 2023 low.
Summary of today’s S&P Emini price action
Al created the SP500 Emini charts.
Video review at the end of the day
The End Of Day Review will be presented in the Trading Room today. See below for details on how to register.
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.
