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Emini Overlapping Bars

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Trading Update: Friday March 1, 2024

S&P Emini pre-open market analysis

Emini daily chart

  • The Emini gapped rallied yesterday, testing near the high of February 23rd. The daily chart has several overlapping bars. This increases the odds of more sideways trading.
  • Yesterday, it closed as a weak bull doji bar, which is a lack of conviction by the bulls.
  • Ther bears are hopeful that more sellers will be near the high of February 23rd, which would limit the upside for the bulls.
  • The market is still in a tight bull channel, and this will limit the downside.
  • Because the market is testing the moving average frequently, traders will pay close attention to it. This means traders may want to buy at or closer to the moving average. This would limit the upside for the bulls.
  • Overall, traders should expect more trading range price action. This means there are probably buyers below and sellers above yesterday’s high.

Emini 5-minute chart and what to expect today

  • Emini is up 3 points in the overnight Globex session.
  • The Globex market formed a large downside breakout (15-minute chart) during the early morning hours.
  • While the downside breakout (5:30 AM EST) was strong, it was not below all the bars to the left.
  • The bear breakout was a sell vacuum test of support, leading to an endless pullback.
  • Right now, bears are trapped into a bad short. The bulls hope they can create an upside breakout of the bear flag and a test up to yesterday’s Globex high of around 5,115.
  • The open of the U.S. Session will likely have a lot of trading range price action as traders decide on the bears getting a retest of the 5:30 AM EST bear breakout or if the market will get the upside breakout of the bear flag and a measured move up to the 5,115 Globex high.
  • As always, traders should expect a lot of trading range price action, until proven otherwise. This means traders should consider not trading for at least 6-12.

Yesterday’s Emini setups

SP500 Emini 5-Min Chart Wedge Bottom Then Small PB Bull Trend

Al created the SP500 Emini charts.

Here are reasonable stop entry setups from yesterday. 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 found buyers below yesterday’s bear bar, closing on its low.
  • The Bears have tested the February 12th high twice, and the Bulls are trying their best to keep the February 12th breakout point high an open gap.
  • If the market reverses up and the February 12th breakout point high has not clearly closed, that would increase the risk of a possible small pullback bull trend if the market forms a second negative gap later on.
  • More likely, the market is in a trading range, and the upside is going to be limited.
  • The bulls want today to get a bull bar closing on its high. However, after three consecutive bear bars, there are more likely sellers above.

Summary of today’s S&P Emini price action

SP500 Emini 5-Minute Chart Small Pullback Bull Trend From The Open

Al created the SP500 Emini charts.

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 blog top for FREE access link to trading room today.

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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