Trading Update: Monday April 6, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The E-mini is starting to form overlapping bars at the November 2025 low. The Bulls see the reversal up from the March low is being strong enough for traders to expect a second leg up and ultimately a test back to the 6,900 price level.
- The 6,900 round number is important because it led to a lot of sideways trading for months. This is an area of agreement and increases the probability that the market will have to retest it at some point soon.
- The sell-off from the all-time high is strong enough that the market may try to form a lower high and get a second leg down below 6,400. However, the market could rally all the way back up to the upper third of the sell-off, which is near 6,900, before the bears try to get a second leg down.
- The bulls are hopeful that 6,400 is a strong enough support level and the rally back to the November 2025 lows is strong enough that traders will buy aggressively, leading to a strong upside breakout. Even if the market does reach the all-time high, there will probably be sellers above it.
- Overall, with the market testing the November 2025 low and the 20-period moving average on the daily chart, there’s increased risk that the market may go sideways for the next couple of days.
E-mini 5-minute chart and what to expect today
- Today formed little to no gap on the open, and bar 1 was a bull bar closing on its high.
- Bar 1 was strong enough to increase the probability of the Bulls getting a 2nd leg up. Because bar 1 was big, it increased the odds of traders buying the bar 1 low during bar 2, willing to scale in lower.
- The rally up to bar six was strong enough for traders to expect a second leg up. However, the bar seven outside down bar was fairly strong and large. This increased the odds that the reversal up to bar eleven, testing the upper third of the large bear bar on seven, was likely to find sellers in that price level.
- So far, as of bar 18, today has had a lot of sideways trading. This increases the odds that today will likely remain a trading range day.
- The market is slightly more bullish than bearish, with the bars mostly being above the moving average. If today is going to form a trend, a bull trend is more likely than a bear trend. If we do get a bull trend, it will likely be a trending trading range day.
- Overall, the market is spending a lot of time near last Thursday’s high, and this will likely be a magnet for the rest of the day. Traders should expect today to have a lot of trading range price action until they are proven otherwise.
Last Thursday’s E-mini setups
Richard created the SP500 E-mini chart.
Here are reasonable stop entry setups from last Thursday, before Good Friday holiday break. Chart shows each buy entry bar with a green arrow and each sell entry bar with a red arrow. Buyers of the Brooks Trading Course have access to a near 4-year library of detailed explanations of swing trade setups (see Online Course/BTC Daily Setups) linked to the Brooks Encyclopedia of Chart Patterns product.
The 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 E-mini.
Summary of today’s S&P E-mini price action
Richard created the SP500 E-mini chart.
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 E-mini price action real-time each day in the Brooks Trading Course trading room. We offer a 2 day free trial.
Charts use Pacific Time
When times are mentioned, it is USA Pacific Time. The E-mini 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.
RTH Daily Analysis — April 6, 2026:
E-mini Bears Defend Confluent Resistance for Third Session as DT Pause Builds
Brad, thanks for this. I see the bull case at the November low — his point about overlapping bars and the 6,900 retest probability is the strongest argument for patience on the short side. My D1 read is more bearish near-term though.
AIS, tight bear channel now broken and converting to broad. The weekly HTF microchannel ended and we’re still looking for 10B2L. Price is testing the November 2025 low and the 20 EMA simultaneously — Brad’s right that sideways risk is elevated here. The TR low BO point at 6,650 continues acting as resistance, and the market is accumulating volume at this level rather than breaking out with conviction. Close above the weekly 60 EMA has held but bulls can’t build on it.
HH DT building (04/01 + 04/06) right at the 6,620-6,640-6,660 confluent resistance zone — third consecutive rejection. Multiple bear trend lines, 20 EMA, weekly 60 EMA, 6,600 round, and the prior L2 short SB/EB zone all stacking at the same price. Today printed a small bar with a tail on top, looking like a pause at resistance rather than a base for breakout. Potential L2 short with FT tomorrow. Bears came close to having their MG converted to an EG but held again.
Fair value has crept higher with the rally — settling around 6,527-6,557 — but remains well below where price closed. The gap between price and where the market accepts value keeps growing, which usually resolves back toward fair value.
Levels:
6,620-6,640-6,660 — Confluent resistance, rejected 3x (bear TLs + 20 EMA + BO point)
6,557 — Structural fair value, primary magnet below
6,400 — Round number support, parabolic wedge low, MTR retest zone
6,377 — Structural target
6,215 — MM height of TR
Brad’s 6,900 retest scenario makes sense longer-term — months of sideways trading there creates a magnet. The question is whether bulls can crack this resistance zone first or whether the HH DT sends price back to retest 6,400. Three rejections at the same level with the bear trend line break failing to produce consecutive closes above keeps me short. This week’s macro calendar (Iran deadline Tuesday, FOMC Wednesday, CPI Friday) could be the catalyst either way.
Anyone else reading this November low test as a potential TR forming between 6,400 and 6,650, or is the third rejection enough to expect a retest of support?