Trading Update: Thursday May 28, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The daily chart has been in a tight bull channel, and the market broke above the May 14 prior all-time high a few days ago.
- Yesterday formed a small outside bar, and today the Globex daily chart is forming a larger outside bar — consecutive outside bars on the daily chart.
- The market is getting close to 7,600, which will likely act as a resistance level for the bulls.
- The odds still favor a test of the moving average, which means any rally from the May 20 most recent higher low is likely going to be limited at the moment.
- The odds favor sellers near where we are and a test back down to the moving average; today is likely to find sellers above yesterday’s high.
- The daily chart continues to be climactic, and the odds are that the market will start going sideways for several weeks.
- While the odds favor a test of the moving average on the daily chart, there are still probably buyers at the moving average, and this limits the downside potential.
- Even if the market reaches the May 20 recent higher low, the odds are that there will be buyers below that low willing to scale in lower.
E-mini 5-minute chart and what to expect today
- Today gapped down on the open and formed consecutive bear bars; however, the bear bars were small, and the bulls got an opening reversal with bars 5 and 6.
- Bars 5 and 6 were strong enough to increase the odds of a test of the Globex high, which was near 7,700, on bar 8.
- The bulls then got the surprise report bar on bar 9, which was a strong enough breakout bar that the odds favored some kind of second leg; however, when you get a bar as big as bar 9, the upside is usually limited.
- As of bar 35, the market formed a spike and channel and is so far forming a small pullback bull trend.
- The problem with the small pullback bull trend is that the market has not gone far above the bar 9 high.
- Even though the market has been in a channel from the bar 14 low to the bar 35 high, most of the bars have been at or below the bar 9 high, which limits the upside potential.
- Overall, the odds are against the market forming a bull trend lasting all day, which means today is probably going to be a trending trading range day.
- At some point, the market will probably try to test back to the bar 22 low, which is a measuring gap with the bar 17 high and the bar 22 low.
- Right now, as of bar 35, the odds favor a couple of legs sideways to down on a test of the moving average.
- Overall, traders should expect a trading range to develop for the next several hours.
Yesterday’s E-mini setups
Jed 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
Jed 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.
