Trading Update: Thursday April 30, 2026
S&P E-mini market analysis
E-mini daily chart
- The E-mini has formed a tight trading range for the past several days following this strong April rally.
- So far, the bulls are getting an upside breakout of the tight trading range. The Bulls are hopeful that today is going to form a Bull trend day, closing on its high.
- Even if the Bulls create a successful upside breakout, the reality is that there are likely sellers not far above.
- Because the rally has been so climactic on the higher time frame and the daily moving average is far from the current price, this increases the odds that the market will have to go sideways until it can reach the moving average. This limits the upside potential for the next several weeks and increases the odds of more trading range price action.
- Traders will also see the 7,000 round number as a magnet for the market’s test over several weeks to months.
- If the bears are going to get a reversal down and test of 7,000, they need to increase the selling pressure. So far, at the moment, they’ve done enough to make the market go sideways. However, the bears are not getting strong bear bars closing on their lows. This increases the odds that the bears will need to continue to make the market go sideways and develop more selling pressure.
- Even if the market tests down to 7,000, there will likely be buyers below, increasing the odds of a test back to the all-time high in the 7,200 round number.
E-mini 5-minute chart and what to expect today
- Today gapped up on the open, forming consecutive strong bear bars closing on their lows with bars one and two.
- Bars 1 and 2 increase the odds of the Bears getting a second leg down, which the Bears ultimately formed a wedge down to bar 10.
- Because bar 3 was a bull reversal bar closing on a tie in an overall trading range, that increased the odds that there would be buyers below the bar 3 low and that the market would likely test back to the bar 3 high at some point today, which it did on several bars later around bar 16.
- The bulls managed to get an upside breakout with bars 15, 16, and 17. This was strong enough for traders to expect a second leg in tests of the bar 1 high.
- Because of the selling pressure on the open, the odds were against the market getting a strong upside breakout above the bar one high without first going sideways and stabilizing.
- The market went sideways to bar 42, entering breakout mode, and the bulls got a strong reversal up with 43, 44, and 45. This increased the odds of the Bulls getting a breakout of the 20-bar tight trading range and some measured move up.
- As a bar 58, the bulls have done a good job with the rally. However, it’s becoming climactic and far from the moving average. This increases the risk that the market is going to go sideways and try to test back down to the 54 low, which is the bottom of the most recent buy climax.
- The breakout at Bar 54 and 55 is the best looking buy climax in the rally, and therefore there’s an increased risk that Bulls will see it as an opportunity to maximize profits.
- Typically, when you get a buy climax, such as 54 and 55, the market often enters a trading range and not an opposite trend. This means that the odds are against the Bears getting a strong downside breakout, and that whatever sell-off we get will likely be minor and lead to a trading range lasting the rest of the day.
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.
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.
