Trading Update: Thursday October 24, 2024
S&P Emini market analysis
Emini daily chart
- The Emini broke blow the tight trading on the open and the 20-period moving average on the daily chart.
- Yesterday’s bear breakout bar failed to close on its low due to traders buying at the moving average, which was expected.
- The bulls want a reversal up from the moving average and an upside breakout above yesterday’s high.
- The problem the bulls have is that yesterday’s high is a bad buy signal bar, which increases the odds of sellers above it and sideways trading.
- The odds still favor the market getting to the 6,000 round number, even if the market pulls back first.
- A major reversal is unlikely, which means the best the bears can expect is a trading range and not a bear trend on the daily chart.
Emini 5-minute chart and what to expect today
- The Emini formed a small gap up, and bar 1 closed on its low.
- Bar 1 is strong enough that the odds favor a second leg down.
- Because of the overlap over the past 6 bars, traders will expect the open to have a lot of trading range price action.
- Most traders should try to catch the opening swing that often begins before the end of the second hour after forming a double top/bottom or a wedge top/bottom.
- This means that a trader can often wait for one of the abovementioned patterns to form and enter or for a stop entry for a credible swing trade that lasts two legs and usually two hours.
Yesterday’s Emini setups
Al created the SP500 Emini charts.
Summary of today’s S&P Emini price action
Al created the SP500 Emini charts.
Emini end of day video review
Periodic end of day review videos will be moved to top of page when done.
EURUSD Forex end of day market analysis
EURUSD Forex daily chart
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EURUSD what to expect going forward
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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.