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E-mini Bulls Expect 2nd Leg Up

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Trading Update: Thursday December 4, 2025

S&P E-mini market analysis

E-mini daily chart

  • following the recent bull breakout up to the November 28th high. This breakout is strong enough that the odds favor a 2nd leg up.
  • Because the market is in a trading range, there is an increased risk of a deep pullback before the bulls can get their second leg up.
  • The 7,000 round number is still a logical magnet for the market to test. The market may try to test the 7,000 round number later this month. This would increase the risk of a yearly close around 7,000, which is a logical resistance level.
  • This would set up the risk of 2026 closing as a bear bar.
  • Overall, because the momentum up is strong for the bulls, the odds favor a 2nd leg up and a test of the 7,000 round number, even if the market has to get a deep pullback first.

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

  • The E-mini gapped up and sold off, forming a strong bear trend bar, closing on its low. This increased the odds of bears getting a 2nd leg down, which they did down to bar 12 low.
  • Bar 12 was a strong enough bull reversal bar that the odds favored the 2nd leg up.
  • The bulls had a deep pullback from the 14 close down to the bar 20 low. However, because today was a trading range, the odds favored a test back to the bar 14 close.
  • Overall, traders betting that breakouts will get second legs, willing to use a wide stop and scale in, are making money. If both sides can use wide stops and scale in, it reduces the number of trapped traders and increases the odds of more sideways trading.
  • The overall range of the U.S. Session is small and likely to expand. At the moment, the odds favor an upside breakout and test back to the bar 1 high.

Yesterday’s E-mini setups

SP500 E-mini 5-Min Trading Range Open and Then Tight Bull Channel

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

SP500 E-mini 5-Min Small Gap Up Sell Climax Then Trading Range Day

Richard created the SP500 E-mini chart.

E-mini end of day video review

Periodic end of day review videos will be moved to top of page when done.

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.

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