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E-Mini Bears Want 2nd Leg Down with February 17th

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Trading Update: Thursday February 19, 2026

S&P E-mini market analysis

E-mini daily chart

  • Yesterday, the E-mini rallied, trying to form a strong entry bar; however, it failed to close on its high and closed below its midpoint. This is disappointing for the Bulls after the February 17th bull reversal bar.
  • The Bears will see yesterday as a low one short, following last week’s strong reversal down (February 12th).
  • The most important thing to remember on the daily chart is that the market is in a trading range near the 6,900 round number, which is likely the midpoint of the overall range.
  • Just like the Bears were disappointed with the reversal up over the past few days following the February 12th downside breakout, the Bulls will likely be disappointed by the recent reversal up (yesterday and today).
  • The bears are hopeful that today will form a strong entry bar, closing below yesterday’s low. Because yesterday is a full bar. It’s a lower probability, Low 1, short for the Bears.
  • Because the market continues to demonstrate trading range behavior on the daily chart, traders should assume that both the bulls and the bears will continue to be disappointed.
  • February 12th  was a strong enough downside breakout that the market may need a second leg down below the February 17th low.

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

  • Today day gapped down on the open and rallied up to bar 7. However, the rally to bar seven formed a parabolic wedge and looks like a leg up in what will become a trading range.
  • Because the gap up was not all that big in the rally up to yesterday’s bars, 77 was strong. That increased the odds that there would be buyers on the open and the market would test up to yesterday’s close.
  • The Bears formed a wedge top with a bear reversal bar on bar 8. The Bears are hopeful that bar 8 and 9 are strong enough to get a second leg down and a test of the low of the day.
  • There’s an 80% chance that the market is going to form a trading range open, and only a 20% chance that the market will form a bull trend from the open. This means that the odds are the market will test down to the too low, and the rally up to bar seven is probably not going to form a bull trend lasting all day.  
  • Because of the overlapping bars and lack of consecutive strong trend bars up or down, traders should expect today to have a lot of trading range price action.

Yesterday’s E-mini setups

SP500 E-mini Bull Spike and Channel Trading Range Then Midday Reversal

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 Mainly Limit Order Market in Trading Range Day

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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