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Emini Daily Chart Likely to Test Moving Average Soon

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Trading Update: Monday April 1, 2024

S&P Emini pre-open market analysis

Emini daily chart

  • The Emini is testing near that March 21st high and will probably find sellers near its high and test the moving average soon.
  • The daily chart is likely converting into a trading range. This means that the odds are beginning to favor breakout points such as the March 8th high closing.
  • While a trading range is likely to form soon, the bears need to show more signs of strength before traders conclude that they are gaining control.
  • Ideally, the bears need two strong bear closes below the moving average or 3-4 average bar bars completely below the moving average before traders will conclude that the market is in a trading range.
  • Even if the bears can close below the moving average, the downside is probably limited due to the strength of the small pullback bull trend.

Emini 5-minute chart and what to expect today

  • Emini is up 1 point in the overnight Globex session.
  • The Globex market sold off during the early morning hours and is going to open near last Thursday’s close.
  • Traders should be neutral going into the opening of the U.S. Session.  
  • There is an 80% chance of a trading range open and only a 20% chance of a trend from the open.
  • This means there is at least an 80% chance that the market will form a double top/bottom or a wedge top/bottom on the open.
  • Most traders should wait for one of the patterns mentioned above to form and try to catch the opening swing that often begins before the end of the second hour.

Thursday’s Emini setups (before holiday break)

SP500 Emini 5-Min Chart Higher High DT Then Small Trading Range Day

Al created the SP500 Emini charts.

Here are reasonable stop entry setups from last Thursday, before US market holiday 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.

EURUSD Forex market trading strategies

EURUSD Forex daily chart

  • The EURUSD formed a downside breakout today and is testing near the February 2024 lows.
  • The bears want today to close near its low and for tomorrow to have strong follow-through selling.
  • The bulls hope today is a sell vacuum test of support. Next, they want a double bottom with the February low.
  • At the moment, the selling is strong enough that the best the bulls can hope for is sideways. The bulls will need a strong reversal bar before they have a chance at reversing today’s strong downside breakout.

Summary of today’s S&P Emini price action

SP500 Emini 5-Min Chart Bear Channel Wedge Minor Reversal Then Trading Range

Richard created the SP500 Emini chart. Al travelling.

End of day video review

End Of Day Review will be presented in the Trading Room today. See below for details on how to sign up.

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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