Trading Update: Tuesday June 16, 2026
S&P E-mini market analysis
E-mini daily chart
- The daily chart of the E-mini is testing back to the all-time high and the 7,600 round number.
- It is close enough to the all-time high of 7,694 that the market will likely have to rally back up to it over the next several weeks.
- The channel up to the June 2nd all-time high was strong, which increased the odds that buyers on the first reversal down would be willing to scale in lower.
- This increased the odds that the market would form a trading range.
- On June 11th, there was a strong enough secondary buy that the odds favored buyers getting a second leg up and a test of the all-time high.
- Overall, the daily chart is entering a trading range and is therefore likely to go sideways for the next several bars.
- The bears are hopeful for a major trend reversal; the reality, though, is that a sideways trading range is more likely over the next several weeks to months.
- The bulls are hopeful for a strong breakout and a test of 7,800, but there are likely sellers at a new all-time high.
E-mini 5-minute chart and what to expect today
- Today opened and went sideways for the first nine bars, forming a contracting triangle.
- The bears got a downside breakout with bars 10 and 11, which increased the odds of the bears getting a second leg down.
- Because the sell-off down to bar 13 was strong, the first reversal up was likely to be minor, which increased the odds that bar 14 would act as a trading range bar instead of a strong reversal bar.
- The market went sideways until bar 26, forming decent buying pressure, and when the bears broke to a new low of the day on bar 28, below bar 13, the market found buyers with bar 29.
- Bar 29 was strong enough to expect a second leg up; however, because bar 30 closed on its low, the risk increased that there would be sellers scaling in higher and that the market would evolve into an overall trading range, finding sellers at the bar 15 high during bar 33.
- The market formed a deep pullback down to the bar 43 low, but it is now at the bottom of the trading range, which increases the odds that there are buyers near the low of the day and that the market will probably bounce, testing back up to near the bar 34 high.
- The bulls are hopeful that the market will form a higher-low major trend reversal and rally back up to the bar 7 high.
- Bar 7 was a reasonable stop-order buy, and therefore, because of the higher-time-frame context, it is reasonable for the bulls to buy and scale in lower, which increases the risk that the market may test back to bar 7.
- The market is near bar 40, so it is possible that we get a midday reversal.
- Overall, the most important thing to remember is that the market has been in a trading range since bar 11, which increases the risk of reversals; because the bears have tried several times to break to the downside, there is added risk that the market may reverse up.
Yesterday’s E-mini setups
Jed 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
Jed created the SP500 E-mini chart.
E-mini end of day video review
Periodic end of day review videos will be moved to top of page when done.
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.
