Trading Update: Monday June 29, 2026
S&P E-mini market analysis
E-mini daily chart
- The daily chart of the E-mini is continuing to form a triangle.
- The bears tried to sell off to the June 9 Low 1 short; last week’s sell-off had several overlapping bars and formed a bear breakout below the bear channel.
- Although the bear channel was only four bars and a minor pattern, it increased the risk of buyers below and the bulls getting a reversal up.
- The odds favor the bulls reaching the Low 1 short from the week of June 22 on the Globex daily chart, which is an open micro gap that will likely get filled.
- So far, today is finding strong buyers and is likely to form a bull bar closing on its high.
- The bulls are hopeful that today is a sign that the market is going to rally up to the all-time high and break above it.
- Even if the market reaches the all-time high and goes above it, the odds are there will likely be profit-taking and sellers not far above the all-time high.
- This increases the risk that the E-mini is likely to continue to go sideways and form a trading range on the daily chart.
- Overall, so far today is enough of a surprise that the odds favor buyers on a pullback in at least a small second leg up.
- This will likely limit the downside over the next several days.
E-mini 5-minute chart and what to expect today
- Today gapped up on the open and rallied, forming a big bull bar closing on its high; the bar was big, which increased the risk of a trading range.
- However, it was a strong enough bull bar on bar 1 that the odds favored a second leg up, which the bulls got to the bar 4 high.
- Bar 4 formed a bear bar and a second-entry short, with bar 2 being an implied first entry; this is a two-legged rally that is likely to form a trading range.
- The bears got a strong reversal down on bar 6, which increased the odds of the market falling below bar 1 and trying to fall for a measured move down.
- The bears managed to sell off down to yesterday’s bar 81 close, and the market found support and formed a bull reversal bar with follow-through on bars 10 and 11.
- This was a strong enough reversal up that the odds favored at least a second leg up and a test of the bar 1 low.
- The bulls got a surprise breakout with bars 12 and 13, trapping all the bears who sold the close of bar 9, which was a problem for the bears and increased the risk of buyers below on a pullback.
- The bears tried to get a deep pullback but failed, and the market went sideways from bars 14 to 24.
- The market formed a triangle, and the bulls began buying, taking a chance that bar 14 was going to be the bottom of the pullback and that the market was going to form a spike and channel — the spike being the rally from the bar 10 low to the bar 13 high, followed by the pullback to the bar 14 low, and then a channel up to the high of the day at bar 45.
- As of bar 45, the bulls have broken out to a new high of the day; however, because of the higher time frame context, a trading range is far more likely than the start of a strong bull trend.
- This means there will likely be profit-taking at the high of the day at bar 45, which so far, as of bar 47, appears to be true.
- The bears are hopeful that the bulls will begin to sell out of their longs and that more and more bears will begin to sell at a new high of the day, increasing the risk of a deep pullback.
- While it is possible the market sells back down to the bar 14 low, realistically the bears are going to have to develop more selling pressure if they are going to get a reversal down.
- Because of how tight the channel has been to the upside from the bar 16 low up to the bar 47 high, the best the bears can probably get is sideways for the next several bars.
Friday’s E-mini setups
Jed created the SP500 E-mini chart.
Here are reasonable stop entry setups from last Friday. 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
Jed 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.
