Trading Update: Wednesday April 8, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The E-mini gapped up today on the daily chart, which was due to last night’s Globex session getting a strong rally.
- The daily chart managed to break above the daily moving average and the November 2025 low. This was an area of resistance for the past couple of days; however, because the late March rally was strong, the odds favored a second leg up.
- Traders were willing to buy over the past week, confident that they could scale in lower below the 6,400 round number.
- Because today’s gap up is fairly large, the odds are that the market may have to go sideways for a couple of days. Even if the market does go sideways for a few days, the rally above the moving average is strong enough that the odds favor a second leg up in a test of the 6,900 round number.
- Overall, the breakout above the moving average is strong, and therefore the odds favor a second leg up. The bulls are hopeful that there’s enough momentum for the market to reach the all-time high.
E-mini 5-minute chart and what to expect today
- Today created a large gap up on the open with the price far away from the moving average.
- Because the gap up was large, the odds favored a pullback to the moving average. This limited the upside on the open and increased the odds that the market would go sideways to down, which it did to bar 18, testing the moving average.
- Bears are hopeful that the sell-off to bar 18 is a strong enough downside breakout on a higher time frame, which will lead to lower prices.
- The problem with the argument for the bears is that the gap up was strong, and therefore, there will likely be buyers at the moving average. This increases the odds that traders who bought around the open and scaled into the moving average will likely make money.
- As of bar 25, the odds favor a rally and test back to the open of the day. Because the gap up was large, the upside is likely limited, and this means today we’ll probably have a lot of trading range price action for the rest of the day.
- Even if the market closes near the open of the day, the bulls will have achieved a strong breakout compared to yesterday’s close.
- The bears want the opposite. They are hopeful that they can prevent the market from closing on its high, creating a tail on the daily chart, if one includes the Globex.
- Overall, today is likely going to continue to have a lot of trading range price action. Because the context is good for the Bulls, the odds favor a test of the open of the day at some point today.
Yesterday’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 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.
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.
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 E-mini.
Summary of today’s S&P E-mini price action
Richard created the SP500 E-mini chart.
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 E-mini price action real-time each day in the Brooks Trading Course trading room. We offer a 2 day free trial.
Charts use Pacific Time
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 Market Update page.
