E-mini Bulls Want Test of All-Time High

Trading Update: Thursday April 9, 2026

E-mini end of day video review

S&P E-mini market analysis

E-mini daily chart

• The E-mini yesterday formed a strong upside breakout above the daily moving average.
• Because the bull breakout was fairly large, closing near its high the odds favor the bulls getting a second leg up.
• This is a strong enough bull breakout that the market will likely reach the 6,900 round number and possibly the all-time high.
• The bulls are hopeful that today will form a follow-through bar closing above yesterday’s high.
• Because yesterday’s bull breakout was fairly large and climactic, there is increased risk that the market may have to go sideways for a few days first, before the Bulls can get a second leg up.
• The Bears are hoping that yesterday is an exhaustion bar and a potential second leg trap following the reversal up in early April. However, the Bulls have too many bull bars in the rally since the April low. This increases the odds that any reversal down will likely be minor, leading to a pullback and resumption for the Bulls.
• Overall, the rally above the moving average is strong, and the odds favor a second leg up. This means that traders will likely be hesitant to sell until the bulls have had a clear second leg up after yesterday’s upside breakout.

E-mini 5-minute chart and what to expect today

• Today formed a small gap up on the open and went sideways for the first nine bars, forming a triangle.
• The bears got a downside breakout with bar 10 and a small second leg down to bar 13. While the bears tried to get a successful bear breakout of the triangle to bar 13, it was still inside of a larger triangle in a fairly bullish environment on the higher time frame. This increased the odds that the downside breakouts part of their team was going to fail and that the bulls would get a reversal up, which they did on bars 16 and 17.
• The bulls got a stronger breakout with bars 21 and 22, and at this point, the odds favored a test of the high of bar 1, as well as the high of yesterday.
• As of bar 30, the bulls have had a strong upside breakout above yesterday’s high.
• The bulls are hopeful that today will form a strong follow-through bar, closing far above yesterday’s high.
• While the bulls have done a good job, bar 31 is climactic, and that increases the risk that the market may have to go sideways for the next several bars. This may limit the upside for the next several hours.
• The bulls are hopeful that today will close near its high. The bears want to create a tail above yesterday’s bar. The bears are hopeful that they can prevent the bulls from forming a strong wick at their bar closing on its high.
• The bulls will probably be unable to continue the rally that began at the bar 13 low without making the market go sideways for several bars.
• If the bulls are lucky, the market may go sideways for the next several hours and then, late in the day, get an upside breakout, causing the day to close near its high.
• Overall, because the rally is getting climactic, traders should expect sideways trading in the formation of a trading range for the next couple of hours.

Yesterday’s E-mini setups

Richard created the SP500 E-mini chart.

Here are reasonable stop entry setups from yesterday. 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.

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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.

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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.

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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.

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