{"id":218939,"date":"2024-09-25T07:10:41","date_gmt":"2024-09-25T14:10:41","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=218939"},"modified":"2024-09-25T21:33:30","modified_gmt":"2024-09-26T04:33:30","slug":"emini-profit-taking-likely-at-5800-round-number","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-profit-taking-likely-at-5800-round-number\/","title":{"rendered":"Emini Profit Taking Likely at 5,800 Round Number"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\" id=\"0-trading-update-wednesday-september-25-2024\">Trading Update: Wednesday September 25, 2024<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"6-end-of-day-video-review\">End of day video review<\/h2>\n\n\n\n<div class=\"wp-block-stackable-video-popup stk-block-video-popup stk-block stk-42a60fe\" data-video=\"https:\/\/www.youtube.com\/watch?v=ZwtIejYO8UE\" data-block-id=\"42a60fe\"><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-146b117\" data-block-id=\"146b117\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-146b117\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-146-b-117-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-146-b-117-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-c1c3c51\" data-block-id=\"c1c3c51\"><figure><span class=\"stk-img-wrapper stk-image--shape-stretch\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-179791\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png\" width=\"680\" height=\"382\" alt=\"Brad Wolff Emini EOD Review\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px-300x169.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/span><\/figure><\/div>\n<\/div><\/div>\n\n\n\n<p>See Price Action Rose&#8217;s <a href=\"https:\/\/www.youtube.com\/@PriceActionRose\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube channel<\/a> for another End of day review.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"1-sampp-emini-market-analysis\">S&amp;P Emini market analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2-emini-daily-chart\">Emini daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini formed a bull outside up bar yesterday just under the 5,800 round number. There will likely be profit taking by the bulls near the 5,800 round number. <\/li>\n\n\n\n<li>The market will probably reach the round number sometime today. Because the round number is a likely resistance level, the risk that there will be sellers above it increases.<\/li>\n\n\n\n<li>However, the market could go 10 points above 5,800 before the sellers come in.&nbsp;<\/li>\n\n\n\n<li>The daily chart is forming a lot of overlapping bars near the all-time high and the 5,800-round number. This increases the odds that the daily chart will probably get a pullback soon.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-emini-5-minute-chart-and-what-to-expect-today\">Emini 5-minute chart and what to expect today<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini has gone sideways for the first 9 bars of the day. This increases the odds that there will be a lot of trading range price action today.<\/li>\n\n\n\n<li>Bar 8 came within 5 ticks of the 5,800 round number and pulled back. This is a warning that the market may not go far above the 5,800 round number and that there are probably sellers above it.<\/li>\n\n\n\n<li>Today will probably try and close below the open of the day and disappoint the bulls on the daily chart.<\/li>\n\n\n\n<li>I mentioned that today has the potential to begin a reversal below the open of the week. Last week, the weekly chart formed a weak follow-through bar after forming a second leg up from the August rally.<\/li>\n\n\n\n<li>Bulls are hopeful for this week to have follow-through momentum bulls, and they will exit when they sense there is a lack of momentum this week. Monday and Tuesday make up 40% of the formation of the weekly chart, and so far, there is no strong follow-through buying. This increases the risk of a reversal down below the open for the week, which might happen today.<\/li>\n\n\n\n<li>The market may have to go at least 1 tick above the 5,800 round number before the bears can get an attempt at a reversal down.<\/li>\n\n\n\n<li>The selloff down to bar 12 is a reminder that the upside is likely limited, and today will probably be a trading range day.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-yesterdays-emini-setups\">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-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 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\" id=\"5-summary-of-todays-sampp-emini-price-action\">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-Double-Top-Then-Tight-Bear-Channel.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-Double-Top-Then-Tight-Bear-Channel-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Double Top Then Tight Bear Channel\" class=\"wp-image-219153\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Double-Top-Then-Tight-Bear-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Double-Top-Then-Tight-Bear-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Double-Top-Then-Tight-Bear-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Double-Top-Then-Tight-Bear-Channel.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\" id=\"7-trading-room\">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\" id=\"8-charts-use-pacific-time\">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: Wednesday September 25, 2024 End of day video review See Price Action Rose&#8217;s YouTube channel for another End of day review. 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. [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":219102,"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-218939","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-Sell-Climax-and-Then-Lower-Low-Double-Bottom.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\/218939","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=218939"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/218939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/219102"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=218939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=218939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=218939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}