{"id":218936,"date":"2024-09-24T07:07:57","date_gmt":"2024-09-24T14:07:57","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=218936"},"modified":"2024-09-24T22:08:01","modified_gmt":"2024-09-25T05:08:01","slug":"emini-testing-5800-round-number","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-testing-5800-round-number\/","title":{"rendered":"Emini Testing 5,800 Round Number"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Tuesday September 24, 2024<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">End of day video review<\/h2>\n\n\n\n<div class=\"wp-block-stackable-video-popup stk-block-video-popup stk-block stk-2e1eb50\" data-video=\"https:\/\/www.youtube.com\/watch?v=AzAVzaSjLWE\" data-block-id=\"2e1eb50\"><div class=\"stk-block-video-popup__overlay stk-row stk-inner-blocks stk-block-content stk-hover-parent\" aria-label=\"Play Video\" tabindex=\"0\" role=\"button\">\n<div class=\"wp-block-stackable-icon stk-block-icon has-text-align-center stk-block stk-2d325ae\" data-block-id=\"2d325ae\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-2d325ae\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-2-d-325-ae-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-2-d-325-ae-color-2)\"><\/stop><\/linearGradient><\/defs><\/svg><svg data-prefix=\"fas\" data-icon=\"play\" class=\"svg-inline--fa fa-play fa-w-14\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\" aria-hidden=\"true\" width=\"32\" height=\"32\"><path fill=\"currentColor\" d=\"M424.4 214.7L72.4 6.6C43.8-10.3 0 6.1 0 47.9V464c0 37.5 40.7 60.1 72.4 41.3l352-208c31.4-18.5 31.5-64.1 0-82.6z\"><\/path><\/svg><\/div><\/span><\/div>\n\n\n\n<div class=\"wp-block-stackable-image stk-block-image stk-block stk-dea2b0f\" data-block-id=\"dea2b0f\"><figure><span class=\"stk-img-wrapper stk-image--shape-stretch\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-216272\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-EOD-Review-Joseph-Imbornone.png\" width=\"1280\" height=\"720\" alt=\"Emini EOD Review Joseph Imbornone\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-EOD-Review-Joseph-Imbornone.png 1280w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-EOD-Review-Joseph-Imbornone-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-EOD-Review-Joseph-Imbornone-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Emini-EOD-Review-Joseph-Imbornone-768x432.png 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/span><\/figure><\/div>\n<\/div><\/div>\n\n\n\n<p>Follow Joseph&#8217;s <a href=\"https:\/\/www.youtube.com\/@JosephImbornone10\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube channel<\/a> for more Al Brooks price action analysis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P Emini market analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Emini daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini formed a third doji bar on the daily chart, near the 5,800 round number. This is a likely area of resistance and increases the odds of a pullback soon.<\/li>\n\n\n\n<li>The bears want a reversal down from last Friday\u2019s week&#8217;s High 1 buy signal bar.<\/li>\n\n\n\n<li>Last Thursday, the 5,800 was tested, and it came within 3 points of the round number. This is a close enough test that the market was likely to find sellers.<\/li>\n\n\n\n<li>It is common for the market to be within 5 points of important round numbers that have never been tested or are rarely tested and pull back before going beyond the round number.<\/li>\n\n\n\n<li>At the moment, the odds favor a test above the 5,800 round number. However, the market may pull back before the bulls can get above the round number.<\/li>\n\n\n\n<li>The bears want a strong reversal down with strong follow-through. They hope the market will form a double top with the July high and the market breaks below the neckline, the August low.<\/li>\n\n\n\n<li>More likely, any selloff that the bears create will be limited, and the market will go sideways.<\/li>\n\n\n\n<li>Because of the selling pressure down to the September low, the odds favor a test down to the September 11<sup>th<\/sup> price level. It does not have to reach it; however, it will probably test near it, allowing the trapped bears to avoid a loss.<\/li>\n\n\n\n<li>Overall, the bears will try to prevent the bulls from getting a strong bull close on the daily chart.<\/li>\n\n\n\n<li>The weekly chart formed a follow-through bar last week with a tail above the bar. The context for the bulls is not ideal. This increases the odds that this week will form a bear bar on the weekly chart and close below the open.<\/li>\n\n\n\n<li>A weekly chart is typically made up of five trading days. If 40% of the current bar on the weekly chart is disappointing, that will increase the odds of bulls selling out of longs.<\/li>\n\n\n\n<li>This means that if today is not a strong bull bar, 40% of the week will be disappointing for the bulls, and it will increase the odds that we could get a selloff going into the close of the week, creating a bear bar on the weekly chart.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini 5-minute chart and what to expect today<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Bears formed a bear trend from the open down to bar 7.<\/li>\n\n\n\n<li>While the selloff down to bar 7 was strong by the bears, bar 7 is a climatic bar relative to the bars to the left. This increases the bar, and the market goes sideways and tests up to the bar 7 high.<\/li>\n\n\n\n<li>As of bar 12, a bear trend or trading range day is most likely and not a bull trend day.<\/li>\n\n\n\n<li>The bears want a close near its low, which would create a 2<sup>nd<\/sup> entry sell on the daily chart.<\/li>\n\n\n\n<li>While bar 7 was climactic, it was still a strong breakout bar. This means that the odds favor a test of the bar 7 low at some point today.<\/li>\n\n\n\n<li>The market is Always In Short with the opening selloff, which increases the odds of lower prices.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yesterday&#8217;s Emini setups<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Lower-High-Double-Top-and-Then-Trading-Range-Day.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Lower-High-Double-Top-and-Then-Trading-Range-Day-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Lower High Double Top and Then Trading Range Day\" class=\"wp-image-219043\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Lower-High-Double-Top-and-Then-Trading-Range-Day-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Lower-High-Double-Top-and-Then-Trading-Range-Day-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Lower-High-Double-Top-and-Then-Trading-Range-Day-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Lower-High-Double-Top-and-Then-Trading-Range-Day.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<p class=\"caption\">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.<\/p>\n\n\n\n<p class=\"caption\">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.<\/p>\n\n\n\n<p class=\"caption\">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.<\/p>\n\n\n\n<p class=\"caption\">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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini price action<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Sell-Climax-and-Then-Lower-Low-Double-Bottom.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Sell-Climax-and-Then-Lower-Low-Double-Bottom-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Sell Climax and Then Lower Low Double Bottom\" class=\"wp-image-219102\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Sell-Climax-and-Then-Lower-Low-Double-Bottom-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Sell-Climax-and-Then-Lower-Low-Double-Bottom-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Sell-Climax-and-Then-Lower-Low-Double-Bottom-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Sell-Climax-and-Then-Lower-Low-Double-Bottom.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<p><em>See the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">weekly update<\/a> for a discussion of the price action on the weekly chart and for what to expect going into next week.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Trading Room<\/h2>\n\n\n\n<p>Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com <a href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a> days. We offer a <a href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\" rel=\"noreferrer noopener\">2 day free trial<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Charts use Pacific Time<\/h3>\n\n\n\n<p>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 <a href=\"https:\/\/www.brookstradingcourse.com\/blog\/market-update\/\" target=\"_blank\" rel=\"noreferrer noopener\">Market Update<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Trading Update: Tuesday September 24, 2024 End of day video review Follow Joseph&#8217;s YouTube channel for more Al Brooks price action analysis. S&amp;P Emini market analysis Emini daily chart Emini 5-minute chart and what to expect today Yesterday&#8217;s Emini setups Al created the SP500 Emini charts. Here are reasonable stop entry setups from yesterday. I [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":219043,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[153,136,241],"tags":[1348,60],"class_list":{"0":"post-218936","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"category-video","10":"tag-big-round-number","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Lower-High-Double-Top-and-Then-Trading-Range-Day.jpg","author_info":{"display_name":"Brad","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/brad-wolff\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/218936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/5460"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=218936"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/218936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/219043"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=218936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=218936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=218936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}