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Emini Weak High 1 Sellers Above

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Trading Update: Thursday May 8, 2025

S&P Emini market analysis

Emini daily chart

  • The Emini formed a bull reversal bar yesterday. However, it failed to close on its high and has a prominent tail above the bar. This increases the odds of sellers above and more trading range price action on the daily chart.
  • The bulls are hopeful that the current high one buy above today’s high will lead to a brief pullback followed by trend resumption and a breakout of the May 2nd high.
  • The bears will see this as a weak high 1 with bad context. This is due to the market’s consecutive buy climaxes up to the May 2nd high and its distance from the moving average.
  • At the moment, the odds are there’s probably sellers above today’s high, and the bulls will be disappointed. However, because the market is in a bull channel, there’s added risk that while there are sellers above today’s high, there are probably buyers on any pullback
  • The bearers need to create sellers above yesterday’s high, leading to a strong reversal down. The more selling pressure the bears create, the more the bulls hesitate and consider waiting to buy, increasing the odds that we test down to the April 30th low.
  • Overall, the odds are there’s probably sellers above, and the Emini will likely get a pullback lasting a couple of days.

Emini 5-minute chart and what to expect today

  • The open of the US session gapped up and formed consecutive barrel bars with bar 1 and 2. This was a strong enough bear reversal that the odds favored at least a couple of legs down.
  • The Bears got three legs down to the bar nine low, which was also a test of the moving average, and the Bulls got a reversal up on bar 10.
  • The Bulls will see bar 10 as a wedge bottom and a pullback after the gap up. Next, the bulls hope the market will rally for two legs and test the day’s open or the bar one high. Because of the consecutive sell climaxes down to bar 9, the odds are we’ll probably test up and get two legs up to the open of the day.
  • The bulls hope the market will rally from the low to the day’s open, projecting up. That would put the day’s open in the middle of the day’s range. All of this depends on what kind of follow-through we get after bar 10. The more consecutive bull bars we get closing on their highs, the greater the chances that we’ll get a couple of legs up in some kind of measured move based on the opening range.
  • At the moment, the Bulls have a credible swing above bar 10, and therefore, it will probably get at least two legs up. The more bull bars we get after bar 10, the greater the odds that we’ve seen the day’s low.

Yesterday’s Emini setups

SP500 Emini 5-Min Chart Trading Range Then Failed Bear Breakout

Al created the SP500 Emini charts.

Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a near 4-year library of more detailed explanations of swing trade setups (see Online Course/BTC Daily Setups). Encyclopedia members get current daily charts added to Encyclopedia.

My 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 Emini.

Summary of today’s S&P Emini price action

SP500 Emini 5-Min Chart Wedge Bottom Then Midday Reversal Down

Al created the SP500 Emini charts.

Emini 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 Emini price action real-time each day in the Brooks Price Action trading room. We offer a 2 day free trial.

Charts use Pacific Time

When times are mentioned, it is USA Pacific Time. The Emini 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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