E-mini Sideways Likely For Several Weeks

Trading Update: Tuesday April 28, 2026

S&P E-mini market analysis

E-mini daily chart

• Yesterday, the E-mini closed above the 7,200 round number on the daily chart. The rally from the April low has been strong. However, at this point, the risk is getting big for the Bulls, which increases the odds of a pullback.
• Because the rally has been fairly strong, the odds are against the bears getting a strong reversal down.
• Even if the bears do get a reversal down to the 7,000 major round number, which the market will probably reach at some point, the odds are that there will be buyers around that location. This means that whatever sell-off the Bears get will likely be a minor reversal that will have to lead to a test back to the 7,200 round number.
• The Bears need to increase the selling pressure and make the market go sideways for many more bars before traders will become convinced the bears have a chance at getting a reversal down.
• Although the market is Always In Long on the daily chart because the rally is climactic, the odds favor the market going sideways for several bars rather than a lot higher.
• Overall, the bulls are likely extended, and the buying pressure is too strong for the bears; you’d likely bet on a strong reversal down. This increases the odds that the market is likely to go sideways, forming a trading range for the next several weeks.

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

• Today gapped down on the open and went sideways for the first nine bars of the day, forming a triangle. Bar 9 was a bear bar closing on its low below the moving average. This increased the odds that the Bears would try to get a downside breakout.
• By bar 13, the odds were getting stronger for the Bears. In bar 14, the Bulls gave up, and the Bears got the downside breakout.
• Bar 14 was strong enough for traders to expect a second leg down; however, because of all the buying pressure and the market testing the prior Globex low around 7:00 AM Eastern Time during bar 14, the odds favor a trading range.
• Bar 14 had a tail below the bar and was fairly large. This increased the odds of the market forming a trending trading range day, at best for the Bears.
• As a bar 30, the bulls are hopeful that the market is forming a wedge bottom in a trending trading range day. Next, the Bulls want a strong reversal up and a break above the 19 high and a test back to the midpoint of the opening range, which is around the open of the day.
• The Bears are hopeful that the bear trend will continue. While the bears have done a good job keeping the first 30 bars of the day below the moving average, this looks like a bear leg in what will become a trading range. This means that there’s an increased risk that the bulls get the upside breakout fairly soon.

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.

E-mini end of day video review

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

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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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