{"id":268387,"date":"2026-05-01T08:27:52","date_gmt":"2026-05-01T15:27:52","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=268387"},"modified":"2026-05-02T00:35:48","modified_gmt":"2026-05-02T07:35:48","slug":"e-mini-testing-7300-round-number","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/e-mini-testing-7300-round-number\/","title":{"rendered":"E-mini Testing 7,300 Round Number"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday May 1, 2026<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P E-mini market analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">E-mini daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The E-mini formed a bull bar closing on its high yesterday. The bull saw yesterday is a strong enough breakout bar, closing above the eight-bar tight trading range, increasing the odds of the test of 7,300.<\/li>\n\n\n\n<li>As of the time of writing this, the market is testing 7,300. However, the reality is that because of how climactic the daily chart is on the higher timeframes, the odds are that the market will find sellers at this price level, and it will act as resistance.<\/li>\n\n\n\n<li>The bulls are hopeful that they can continue the rally without getting much of a pullback.<\/li>\n\n\n\n<li>However, the reality is the market&#8217;s been far away from the moving average for several bars and has had a very strong rally since the April low. All of these reasons increase the probability that the market is going to go sideways for the next several weeks.<\/li>\n\n\n\n<li>Sideways does not mean a strong reversal down. The bearers need to increase the selling pressure if they&#8217;re going to convince traders that the market is going significantly lower. Because of the recent buying pressure, the reality is that even if the market tests down to the 7,000 round number, there will likely be buyers not far below willing to scale and lower.<\/li>\n\n\n\n<li>Because of the reasons mentioned above, traders should expect the market to begin to go sideways on the daily chart for the next several weeks and at some point test back down to the 7,000 round number.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">E-mini 5-minute chart and what to expect today<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Today gapped up on the open and formed a follow-through with bar 1. The bulls tried to form a bull trend from the open, which they did up until bar 11.<\/li>\n\n\n\n<li>The rally had a lot of overlapping bars, and the overall structure was not that great.<\/li>\n\n\n\n<li>Bar 6 was the only strong-looking bull trend bar, with the exception of bar 1, and the rest of the bars had overlap.<\/li>\n\n\n\n<li>Because the higher time frames are climactic, and yesterday was a breakout of a prolonged eight-bar trading range. This increases the odds that the market is going to test back down to yesterday&#8217;s high at some point today.<\/li>\n\n\n\n<li>The Bears got a reversal down from the 11 high down to bar 19. The reversal down is strong enough to increase the probability that today is going to form a trading range day and not a bull trend day.<\/li>\n\n\n\n<li>The Bears are hopeful that they can create some lower highs with the 11 low and get a second leg down, testing yesterday&#8217;s high later today.<\/li>\n\n\n\n<li>Traders should expect today to have a lot of trading range price action, and this means the upside and the downside are likely to be limited. Because of the higher timeframe context, there&#8217;s an increased risk of the market testing back down to yesterday&#8217;s close at some point today.<\/li>\n\n\n\n<li>Today is Friday, and therefore, weekly support and resistance are important. The Bulls are trying to get this week to close on a tie, and they want today to form a bull bar on the daily chart, increasing the strength of the weekly chart. The Bears want the opposite. They want a reversal down today, creating even a small tail above the bar on the weekly chart. &nbsp;<\/li>\n\n\n\n<li>Because today is Friday, anything can happen. Therefore, traders should be respectful of the possibility of a surprise breakout up or down late in the day, as traders decide on the close of the weekly chart.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yesterday&#8217;s E-mini setups<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/04\/SP500-E-mini-Opening-Range-Then-Small-Pullback-Bull-Trend-to-New-All-time-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/04\/SP500-E-mini-Opening-Range-Then-Small-Pullback-Bull-Trend-to-New-All-time-High-680x383.jpg\" alt=\"SP500 E-mini Opening Range Then Small Pullback Bull Trend to New All-time High\" class=\"wp-image-268547\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/04\/SP500-E-mini-Opening-Range-Then-Small-Pullback-Bull-Trend-to-New-All-time-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/04\/SP500-E-mini-Opening-Range-Then-Small-Pullback-Bull-Trend-to-New-All-time-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/04\/SP500-E-mini-Opening-Range-Then-Small-Pullback-Bull-Trend-to-New-All-time-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/04\/SP500-E-mini-Opening-Range-Then-Small-Pullback-Bull-Trend-to-New-All-time-High.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Richard created the SP500 E-mini chart.<\/em><\/p>\n\n\n\n<p class=\"caption\">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.<\/p>\n\n\n\n<p class=\"caption\">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.<\/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 E-mini.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P E-mini price action<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/05\/SP500-E-mini-Rally-to-New-All-time-High-Then-Broad-Bear-Channel-and-Trending-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/05\/SP500-E-mini-Rally-to-New-All-time-High-Then-Broad-Bear-Channel-and-Trending-Trading-Range-680x383.jpg\" alt=\"SP500 E-mini Rally to New All-time High Then Broad Bear Channel and Trending Trading Range\" class=\"wp-image-268648\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/05\/SP500-E-mini-Rally-to-New-All-time-High-Then-Broad-Bear-Channel-and-Trending-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/05\/SP500-E-mini-Rally-to-New-All-time-High-Then-Broad-Bear-Channel-and-Trending-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/05\/SP500-E-mini-Rally-to-New-All-time-High-Then-Broad-Bear-Channel-and-Trending-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/05\/SP500-E-mini-Rally-to-New-All-time-High-Then-Broad-Bear-Channel-and-Trending-Trading-Range.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Richard created the SP500 E-mini chart.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">E-mini end of day video review<\/h3>\n\n\n\n<p>Periodic end of day review videos will be moved to top of page when done.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\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 E-mini price action real-time each day in the Brooks Trading Course <a href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a>. We offer a 2 day free trial.<\/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 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 <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: Friday May 1, 2026 S&amp;P E-mini market analysis E-mini daily chart E-mini 5-minute chart and what to expect today Yesterday&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":268547,"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],"tags":[60],"class_list":{"0":"post-268387","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-sp-emini","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2026\/04\/SP500-E-mini-Opening-Range-Then-Small-Pullback-Bull-Trend-to-New-All-time-High.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\/268387","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=268387"}],"version-history":[{"count":3,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/268387\/revisions"}],"predecessor-version":[{"id":268649,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/268387\/revisions\/268649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/268547"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=268387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=268387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=268387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}