Trading Update: Wednesday April 29, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The E-mini formed a weak high yesterday inside the tight trading range that’s been in place for the past eight days.
- Because yesterday’s inside bar is small, it increases the risk of a potential outside down day today.
- Today is an FOMC day, which increases the risk of volatility after the report.
- I’ve been saying for the past several reports that the bulls are likely exhausted, and this will increase the risk of sideways trading in a test of the moving average.
- The bears are hopeful they can get a reversal down, but the reality is that even if they get the reversal down and test the moving average, there will likely be buyers around that price location.
- Until the bears can get more selling pressure, the downside is likely limited for the next several weeks.
- Overall, traders should expect a lot of sideways trading until the bears can develop more selling pressure.
E-mini 5-minute chart and what to expect today
- Today gapped down in the open and formed a follow-through bar with bar 1. Bar one is a sign that the market is accepting the gap down, which increases the odds of a second leg.
- The bulls got a reversal up above bar one all the way to bar 13, which was strong. While this was good for the bulls, it was still testing the top of yesterday’s range and not clearly breaking out above it.
- By bar 14, the market had formed a parabolic wedge top inside of a trading range with a decent gap down and follow-through on bar one. This increased the risk of the market getting a reversal down and a test of the bar one close, which it did over the next 15 bars.
- The sell-off on bars 19 through 21 was strong enough for traders to expect a second leg down in a test of the low of the deck.
- The bears got a bear breakout on bar 29 below the low of the day; however, it was a climactic bar, and that lowered the probability of a bear trend.
- As at Bar 45, the bears are trying to form a trending trading range day and create a bear trend. However, the reality is that today is likely to remain a trading range.
- Today is an FOMC event, which means traders should be flat at least 30 minutes going into the report.
- Most traders should consider not trading the FOMC event and treat today as a half-day.
- Those who are going to trade after the report should wait at least 10 to 15 minutes once the report is released before placing a trade.
- The volatility typically picks up after the announcement, and therefore, traders must make sure that they’re trading small. In general, most traders should trade 20% of their normal position size after the announcement.
- Traders should treat the FOMC release as a totally separate day. This means that traders should be prepared for anything once the report is released.
- The single most important thing to remember is that price is truth. No matter what your expectation is of the market, one must not ignore what the price action is telling them.
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.
