Trading Update: Tuesday June 23, 2026
S&P E-mini market analysis
E-mini daily chart
- The daily chart of the E-mini continues to go sideways in a trading range, following the prolonged tight bull channel that began at the beginning of April and ended around the June 2 high. The daily chart is forming a triangle, which increases the odds of sideways trading for the next several weeks.
- The market tested near 7,700, and because the rally was getting climactic, the odds favored a pullback, which the bulls got down to the June 11 low.
- The market formed a micro double bottom on June 11 and has gone sideways ever since.
- The rally up to June 15 was strong enough that the odds favored a second leg up and a test of the June 2 all-time high.
- Because the market is forming a trading range, it is reasonable to expect disappointment for the bulls and prolonged sideways trading.
- The bulls will likely get some kind of second leg up, which they are hopeful will be strong enough to reach the all-time high.
- Overall, the odds are that the market is probably going to go sideways for the next several weeks.
E-mini 5-minute chart and what to expect today
- Today, a large gap formed on the open. This increased the odds that the market would rally and test the moving average.
- The gap was also testing below the important support of the June 17 low, an area where the market would likely find buyers.
- The bulls formed consecutive bull bars on bars 1 and 2, closing on their highs, which increased the odds of a possible trend from the open and a test up to the moving average.
- The rally up to bar 10 was strong and increased the odds of a second leg.
- However, it was climactic, because it was 10 consecutive bull bars with overlapping bars and pauses along the way, which increased the risk of a possible parabolic wedge in an opening reversal.
- The market started finding resistance at the moving average around bar 11 and ended up breaking to the downside, forming a prolonged pullback to the bar 24 low.
- The bulls formed a second-entry buy with bar 27, and the market rallied back to around the bar 8 close on bar 47.
- As of bar 48, the odds are the market is probably going to test up to the bar 10 close.
- With the market going sideways from bars 33 to 47, there is added risk that the market is forming a large triangle and may form a lower high and test back down to around the midpoint of the rally that began at the bar 27 low.
- The market is forming a tight trading range, which lowers the probability of the market going a lot higher or a lot lower.
- We may go sideways for the next several hours around this location.
- I still think the odds slightly favor the bulls getting a test of the bar 10 close.
- That said, with the market going sideways for the past 15 bars, the probability is lower and it is close to 50/50.
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.
