Trading Update: Friday April 10, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The E-mini formed a strong follow-through bar on the daily chart yesterday. Now the bulls have a breakout and follow through, both closing near their highs above the daily moving average. This increases the odds that the first reversal down will be minor and the bulls will get a second leg up.
- The bulls will see the recent rally as being strong enough for a test of the all-time high.
- The bears are hopeful that they can create a lower high and prevent the market from reaching the previous all-time high.
- At the moment, the market is Always In Long and likely to get a second leg up. However, because Wednesday’s bull breakout bar is large and fairly climactic, there’s increased risk of the market needing a pullback first.
- Even if the market does pull back. The odds are that the downside will likely be limited.
- Because of all the trading range price action over the past six months, the odds are there will likely be sellers at a new all-time high if the bulls manage to get there.
- With the daily chart getting a little bit climactic for the bulls, today will probably be a disappointment for the bulls. This means that today has the increased potential of becoming a bear bar or a weak bull bar closing below yesterday’s high.
E-mini 5-minute chart and what to expect today
- The E-mini gapped up on the open and sold off sideways down to the moving average at bar 5.
- So far, the first 15 bars have had a lot of trading range price action. This increases the odds that today will continue to have a lot of trading range price action for the rest of the day.
- Traders will pay close attention to yesterday’s high, as it’s likely to be an area of resistance for the rest of the day.
- So far today’s range is small, and the market is likely to get a measured move based on today’s range up or down.
- Today is Friday, and therefore, weekly support and resistance are important. The bulls are hopeful that today will close near its high, causing the bull bar on the weekly chart to close on its high as well.
- Because today is Friday, there is an increased risk of a surprise breakout up or down late in the day, so traders must be prepared for anything.
- If today is going to be a trend day, it will likely be a trending trading range day with lots of sideways price action.
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.
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 — 04-10-2026:
E-mini Bears Fade Three-Push Wedge Into Bear Major Swing High Resistance
Brad, good call on the climactic risk — Friday delivered exactly the disappointment you flagged. Small bear bar closing below Thursday’s high after the gap up got immediately sold. First crack in eight sessions.
AIL, tight bull channel pressing into bear major swing high 6870-6900 for a third day. Two pushes up from the April low look like a completed micro spike and channel approaching the bear channel start. Weekly microchannel already broken — HTF reads more like deep PB or big confusion than clean bull MTR. EMA gap is wide, price still far above the 20 and 60 — climactic signature getting harder to ignore. Brad’s right that the first reversal is probably minor, but the location matters: this isn’t mid-channel exhaustion, it’s a nested wedge top grinding into a massive resistance stack.
Three pushes into 6870-6882 with micro DT on the last two days — classic wedge geometry. Gap up closed immediately, which reads as exhaustion behavior rather than measuring. The bar itself isn’t a textbook SSB but the pattern completion at this level is enough. 60/40 this is channel start to TR, not a new swing higher for me.
Fair value hasn’t repriced despite 250+ points of rally — the structural center is still sitting near 6620. Price is trading at a premium to accepted value and the gap between the two is widening, not narrowing. That’s the kind of divergence that usually resolves with a fast move back toward fair value.
Levels:
6900-6935 — resistance wall (channel start, bear MSH, round number, HTF trend line)
6870-6882 — micro DT / nested wedge top
6730 — 50% PB + 3rd touch bull TL
6700 — round number + 20 EMA convergence
6660 — BO point + FVG fill target
I’m reading this differently than Brad on the downside — I don’t think it’s limited. The two-push rally into channel start resistance with big up big down big confusion on the weekly looks like the start of a trading range, not a minor pullback before leg 2. The six months of TR price action Brad mentioned is exactly why — sellers stacked at these levels aren’t going to let bulls walk to ATH without a fight. If this TR develops between ~6620 and 6900, we’re looking at a full rotation back to the lower half, not a shallow dip. Bulls need consecutive closes above 6935 to prove me wrong.
Curious how others are seeing the wedge — is anyone reading the third push as strength rather than exhaustion?