Trading Update: Tuesday November 19, 2024
Emini end of day video review
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S&P Emini market analysis
Emini daily chart
- The Emini formed a bull inside bar yesterday following last Friday’s test of the moving average and is beginning to stall.
- Because the selloff is strong from the November high, the odds favor sellers above yesterday’s high and disappointed bulls.
- The bulls are hopeful that today will form a strong bull reversal bar closing in its high, causing some of the swing bears to reduce their position.
- Even if today is a bull reversal bar, it will probably lead to a minor reversal up. This means that sideways is most likely on the daily chart.
Emini 5-minute chart and what to expect today
- Today has spent the first 9 bars going sideways in a trading range. This increases the odds that there will be a lot of trading range price action today.
- The bears formed a gap down, and the bulls are trying to build the buying pressure and get a reversal up.
- At the moment, the odds favor a test of the moving average.
- The bulls want opening 9 bars to form a double bottom and break to the upside leading to a measured move up of the opening range.
- The odds favor a breakout soon and the range is increasing.
- Most traders should be flat and waiting for a clear breakout with follow-through up or down. At the moment, the odds slightly favor the bulls.
Yesterday’s Emini setups
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
Al created the SP500 Emini charts.
EURUSD Forex market analysis
EURUSD Forex daily chart
- The EURUSD formed a bull bar, closing on its high yesterday. This is a warning that bears are beginning to take partial profits and are becoming more interested in buying below bars.
- The daily moving average is a likely magnet for the bulls to test.
- Traders are happy to sell below the moving average when strong selling pressure is present.
- However, when the selling pressure is not strong, traders become less interested in selling below the average price, which is the moving average.
- Overall, the market will probably get a couple of legs sideways to up and a test of the November 5th low as well as the moving average.
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 BrooksPriceAction.com trading room days. 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.
