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Emini Sellers above Yesterday’s High

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Trading Update: Monday November 11, 2024

Emini end of day video review

Emini EOD Review Joseph Imbornone

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S&P Emini market analysis

Emini daily chart

  • The Emini Gapped up today above last Friday’s high. While this is a sign of strength for the Bulls, they had a tail above the bar last Friday. This increases the odds of sellers above last Friday’s high.
  • The bulls are around 50 points above the 6,000 round number, a sell zone for traders. Bulls will take partial profits, and bears will look to scale into shorts.
  • The 6,050 price level is a logical location to scale into shorts for traders expecting the 6,000 round number to get retested.
  • The 6,000 round number will likely be tested over the next several trading days, which means that the market may have a hard time going far above it.
  • Overall, the daily chart is becoming climactic, which increases the odds of profit-taking soon, and the market is getting a pullback below the 6,000 round number.

Emini 5-minute chart and what to expect today

  • The Emini gapped up on the open, a sign of strength for the bulls. However, as mentioned above, there are probably sellers above.
  • The bears are trying to get a second entry sell with bar 3 and an early day’s high.
  • Because higher time frame charts, such as the daily, are climactic, the odds are increasing that the market will experience a pullback lasting several days.
  • The bears are hopeful that they will be able to get an opening reversal.
  • The 60-minute day-only (RTH) Chart has been away from the moving average for a long time and is currently 50 points above it. This increases the odds that the market will pull back and get close to the 60-minute moving average.
  • Traders should expect the bears to get disappointed and for the market to form a trading range open.
  • Traders wanting higher probability must wait for a strong breakout up or down with follow-through. At that point, there will be a high probability of getting a second leg toward the breakout.
  • The bears want to reach last Friday’s bar 75, the most recent major higher low. This would increase the odds that the market has evolved into a trading range.
  • The bears see bar 2 as a higher high major trend reversal, with last Friday’s bar 75 as a trendline break. Next, they need strong follow-through selling.

Friday’s Emini setups

SP500 Emini 5-Min Chart Bull Trend Resumption to Another All-time Market High

Richard created the SP500 Emini chart – Al travelling.

Here are reasonable stop entry setups from Friday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. 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.

Summary of today’s S&P Emini price action

SP500 Emini 5-Min Chart Gap Up to Low 2 Then Upper Lower Trading Ranges

Richard created the SP500 Emini chart – Al travelling.

EURUSD Forex market analysis

EURUSD Forex daily chart

EURUSD Daily: Near 2024 Low
  • The EURUSD is getting a 2nd leg down after the November 5th outside down bar. The market is so close to the 2024 low that it may be unable to escape the gravitational pull.
  • The bulls did a good job preventing the bears from getting a strong follow-through bar. However, the November 6th breakout bar is strong enough to make the market Always Short, and the odds favor the bears getting a 2nd leg down.
  • The Bulls need to stop the selling pressure and make the market begin to go sideways.
  • Because of the tail below last Friday and today, there is an increased risk that the market may have to pull back before it can reach the 2024 low.
  • Even if the bulls can get a reversal up, it will likely be minor and lead to a trading range, not a strong bull breakout.
  • Overall, the bears will likely get to the 2024 low even if it has to pull back first. If tomorrow forms a strong bull reversal bar, the risk of a pullback lasting a couple of legs up will increase.

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.

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