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E-mini 6,650 Round Number Acting as Resistance

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Trading Update: Tuesday April 7, 2026

S&P E-mini market analysis

E-mini daily chart

  • The Emini formed a bull close following last Thursday’s bull breakout bar. This is good for the bulls and increases the odds that the bulls get a breakout above the November 2025 lows.
  • At the moment, the November 2025 lows and the Daily moving average are near the 6,650 price level, and the market is spending a lot of time just below this location. This means that the market sees this price location as an area of resistance and increases the odds that the market may get a deeper pullback than what the Bulls expect.
  • Because the reversal up from the March low was strong, this increases the odds that the market will likely find buyers willing to scale in lower, even below the March low.
  • This increases the odds that the daily chart is likely to rally back to the 6,900 price level over the next several weeks to months.

E-mini 5-minute chart and what to expect today

  • Today gapped down on the open and sold off for the first 4 bars of the day. The 4-bar sell-off was good for the bears and increased the odds of the market getting a 2nd leg down and the first reversal up being minor.
  • While bar 5 was good for the bulls, it found sellers, trapping the bulls with bar 6, leading to lower prices. 
  • The selloff to bar 8 was strong, but it already had two legs down with decent buying pressure separating the legs. This increased the odds of a deep pullback, which the bulls got to bar 13.
  • As of bar 13, the odds of the market finding buyers below bar 8 were high.
  • When the market went below bar 8 during bar 20, it was forming a wedge bottom. This increased the odds of the bulls getting a reversal up. The Bulls managed to get a strong reversal up to the opening of the day with bar 31.
  • Bar 31 is enough of a surprise that the odds favor a 2nd leg up. However, because bar 31 is climactic, there is an increased risk of the market finding a seller near the bar 31 high.
  • As of bar 44, the bears have a wedge top with bars 35, 40, and 43. This increases the odds of the bears getting two legs down.
  • Bar 47 is so far good for the bears and increases the odds that the first reversal up will be minor.
  • Because the rally up to bar 31 is tight, the downside is likely limited. Looking at a 15-minute chart, one can see that this tight rally on the 5-minute is a breakout on the higher time frame, such as the 15-minute.
  • Overall, with bar 48, the market is at the open of the day, and today has had a lot of trading range price action. This increases the odds that today will continue to have a lot of trading range price action for the rest of the day.

Yesterday’s E-mini setups

SP500 E-mini Trading Range Day Testing Daily Broad Range

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

SP500 E-mini Gap Down to Wedge Trading Range Day with Late Breakout

Richard 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.

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