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Emini Final Day of Month

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Trading Update: Friday March 31, 2023

S&P Emini pre-open market analysis

Emini daily chart

SP500 Emini Daily Chart Final Day of Month
  • Today is the final day of month. The bulls have a bull reversal bar, closing near their high. The bulls will want another bull trend day and paint as little of a tail above the current monthly chart bar as possible. The bears want the opposite. They want to create as much damage to the current bar on the monthly chart.
  • The Emini gapped up yesterday and closed above the March 22nd high. Although yesterday was a bear close, this is a sign of bullish strength.
  • The bulls want to create a measuring gap and trap the limit order bears selling, betting on a failed bull breakout.
  • The bears need to prevent the bulls from getting another bull bar today. If the bulls can get another strong close today, it will increase the chances of a measured move from the March 13th low to the March 22nd high, projecting up to around 4,300.
  • There is a bear trendline around 4,140, and the market may have to test it.

Emini 5-minute chart and what to expect today

  • Emini is up 13 points in the overnight Globex session.
  • The Market has been in a tight bull channel on the Globex 60-minute chart since March 28th.  Yesterday’s overnight session spent much time going sideways.
  • Traders should expect a trading range open. This means that most traders should wait for the first 6-12 bars before placing a trade.
  • Most traders should wait for the opening swing trade that usually forms before the end of the 2nd hour after forming a double top/bottom or a wedge top/bottom.
  • The most important thing to remember on the open is to be patient and not too eager to trade. There are often several reversals, so traders should wait for a clear breakout with follow-through if they want to trade breakouts.
  • Today is the end of the quarter, Month, and week. This will create the potential for a surprise move, up or down late in the day. Traders should be prepared for anything.

Yesterday’s Emini setups

SP500 Emini 5 Min HH Then LH Double Top and Spike and Channel Bear Trend
Above is the version that I post every day. Because I often get questions about what charts Encyclopedia members see, today I am including the example below of that version.
Encyclopedia Sample Higher High Double Top then Spike and Channel Bear Trend

Al created the SP500 Emini charts.

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

My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or nearly Always In a position all day, and he was not currently in the market, these entries would be logical times for him to enter. These therefore are swing entries.

It is important to understand that most swing setups do not lead to swing trades. As soon as traders are disappointed, many exit. Those who exit prefer to get out with a small profit (scalp), but often have to exit with a small loss.

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

EURUSD Forex market trading strategies

EURUSD Forex daily chart

EURUSD Daily Bulls Want Breakout Above March 23rd
  • The EURUSD is Always In Long and will probably surpass the March 23rd high in the next day or two.
  • The market will also probably test the February 1st buy-the-close bar. This was a good bar for traders to buy, especially if they were willing to scale in lower. This means the market will probably have to reach it at some point soon.
  • The bears still need to develop more selling pressure, or else the best the bears can expect is sideways trading.

Summary of today’s S&P Emini futures price action

SP500 Emini 5 Min Bull Trend from Open Small PB Bull Trend

Al created the SP500 Emini charts.

End of day review

  • Live stream video trial replacement of end of day review coming soon.

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

Trading Room

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

Charts use Pacific Time

When times are mentioned, it is USA Pacific Time. The Emini day session charts begin at 6:30 am PT and end at 1:15 pm PT which is 15 minutes after the NYSE closes. You can read background information on the market reports on the Market Update page.

  • Just starting to read these on a daily basis and really seeing the value that you’re providing here. Thanks for making these!

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