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Emini Bulls Hopeful for 2nd Leg Up

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Trading Update: Thursday June 6, 2024

S&P Emini pre-open market analysis

Emini daily chart

  • The Emini formed a strong upside breakout bar yesterday, closing on its high. This was a second leg up from Last Friday’s outside-up solid bar.
  • The Bulls are hopeful that yesterday is the start of a strong 2nd leg up following the May rally.
  • The Bears will try their best to prevent the Bulls from getting follow-through buying. The Bears need a strong reversal bar today, which is a possible failed breakout of the May high.
  •  Yesterday is a surprise, which increases the odds of at least a small second leg up.
  • Traders will pay attention to what kind of follow-through buying the bulls can form after yesterday’s breakout.
  • Today is an important bar. The Bulls have a chance to get a strong follow-through bar. However, they will likely fail, and the market will disappoint the bulls.
  • Overall, the daily chart is in a trading range and will likely continue to go sideways. This increases the odds that the market will reach the April 29th breakout point over the next several months. However, the bears will need to develop more selling pressure first.

Emini 5-minute chart and what to expect today

  • Emini is up 4 points in the overnight Globex session.
  • The Globex market has gone sideways in a tight trading range on the 15-minute chart.
  • The market is in breakout mode, meaning traders should be neutral in the U.S. Open.
  • Traders should consider not trading for the first 6-12 bars unless they can make quick decisions since most breakouts fail.
  • Most traders should try to catch the opening swing that often begins before the end of the second hour after the formation of a double top/bottom or a wedge top/bottom.
  • There is a 90% chance that the market will go beyond today’s Globex high or low sometime during today’s U.S. Session.
  • At the moment, it looks like the market is going to test the Globex high at 5,371.50.
  • Traders should be patient on the open and not be in a rush. It is easy to take a big loss on the open and spend the rest of the day working to make it up. By waiting, traders will have a better understanding of the day structure and increased probability of catching the high or low of the day.

Summary of today’s S&P Emini price action

SP500 Emini 5-Min Chart Wedge Bottom and then Small Pullback Bear Trend 6-5

Al created the SP500 Emini charts.

End of day video review

Live stream videos to follow Monday, Wednesday and Friday (subject to change).

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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