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Emini Bulls Want 2nd Leg up to 6,000

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Trading Update: Wednesday May 28, 2025

S&P Emini market analysis

Emini daily chart

  • The Emini gapped up and formed a bull reversal bar, closing on its high following last Friday’s test of the moving average.
  • The 6,000 round number is the likely magnet, and the odds favor the price going above it.
  • The bulls came within 15 points of the magnet back on May 19th and found sellers.
  • It is common for the market to get close to an important round number (such as 6,000) and not quite reach it, then form a reversal attempt as it did last Friday. However, the odds favor the initial reversal attempt being a minor pullback, leading to the price surpassing the 6,000 round number.
  • While the bears would like to form a double top and get a reversal bar with today’s high. The reality is that if the Bears do get a reversal bar, it’s likely a pullback. And the odds are the market will have to reach 6,000.
  • Overall, traders will likely expect the market to go beyond the May 19th high and reach the 6,000 round number over the next couple of days.

Emini 5-minute chart and what to expect today

  • The Emini rallied, forming a bull trend from the open. However, they failed, and the market formed an opening reversal on bar 3.
  • Because of yesterday’s bull trend from the open, the odds were against today forming another bull trend day.
  • There is a 75% chance that today is going to form a trading range lasting at least two hours, beginning before the end of the second hour.
  • 50% chance that the bulls get follow-through initially, followed by a 75% chance of two hours of sideways trading.
  • There’s only a 25% chance that today will be another strong bull trend day.
  • The sell-off down to the 10 low increases the odds that today is going to be a trading range and likely not become a strong bull trend day.
  • While the bears have done a good job with the sell-off, the bulls formed consecutive strong bull bars on the open, and that reduces the probability that today will become a Bear Trend Day.
  • Overall, traders should expect a lot of trading range price action. This means that if the market sells off by a couple of legs, traders should expect a reversal up and a test of the breakout points. The same goes for any rally lasting a couple of legs.

Yesterday’s Emini setups

SP500 ES Emini 5-Min Chart Small Pullback Bull Trend From Open

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

SP500 Emini 5-Min Chart Bull Trap Trading Range Trend Resumption Down

Al created the SP500 Emini charts.

Emini end of day video review

Periodic end of day review videos will be moved to top of page when done.

EURUSD Forex market analysis

EURUSD Forex daily chart

  • The EURUSD formed a wedge top with yesterday’s bear reversal bar. The Bears are hopeful that this will act as a credible double top with the April rally and lead to a reversal down.
  • The problem with the bear’s face is that the rally up to the May 26 high is in a tight bull channel, and it’s below the April high.
  • Both reasons increase the risk that there might be more buyers below yesterday’s low, and that the market will have to go higher and test up to the April high.
  • The bears are doing a good job preventing the bulls from getting a strong rally, and therefore, the odds favor a trading range. If the market does get above the April high, there will probably be sellers.
  • Ultimately, the bears are hopeful that they can continue to add to the selling pressure and will be eventually able to get a breakout below the May low in a measured move down.
  • The daily chart is likely to continue to have a lot of trading range price action over the next several weeks.

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 Brooks Price Action trading room. 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.

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