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E-mini Test of July 16th High Likely

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Trading Update: Monday July 21, 2025

E-mini end of day video review

Emini EOD Review Joseph Imbornone

Follow Joseph’s YouTube channel for more Al Brooks price action analysis.

S&P E-mini market analysis

E-mini daily chart

  • Last Friday, the Emini formed a bear bar following the upside breakout on the July 16th High 1 buy signal bar.
  • This was a strong enough breakout that the odds favored at least a small second leg up.
  • While the channel up is tight, the odds still favor a test of the July 16th breakout point high. This would allow the bears who sold above it to make money.
  • The daily chart continues to spin many bars away from the moving average. With the market reaching more than 20 bars away from the moving average, the odds are that we’ll probably pull back soon and get it.
  • The bears need to continue to make the market go sideways and develop more selling pressure if they’re going to get the reversal down.
  • The Bulls have done a good job of keeping the bull channel intact. However, the odds are that the upside will likely be limited due to the market failing to reach the moving average on July 16th.
  • Overall, the market’s probably going to pull back over the next several weeks. However, the downside is limited unless the bears develop more selling pressure first.

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

  • The U.S. session gapped up and formed a bull trend from the open up to bar 7.
  • While the rally is good for the Bears, it is climactic, and that increases the chances that we spend several hours going sideways today.
  • Typically, when you get a buy climax on the open, it increases the risk of a trading range lasting several hours. This is due to unsustainable buying pressure, which increases the risk of profit taking.
  • Many traders will expect the market to go sideways, and therefore, the bulls will be hesitant to buy for several bars. This can lead to a trading range lasting longer than what seems reasonable.
  • If the market does go sideways for a couple of hours, traders will begin to decide if trend resumption or trend reversal is more likely.
  • At the moment, the Bears have not done enough to convince traders that a reversal is going to happen, and therefore the odds will favor trend continuation for the Bulls.
  • As far as traders looking to sell, most traders are better off waiting for a credible major trend reversal, which could take a couple of hours to form.
  • Overall, the market is far from the moving average, and that increases the risk that it will probably touch the moving average fairly soon.

Friday’s E-mini setups

Emini 5-Min Bear Trending Trading Range Day

Brad created the SP500 E-mini charts – Al travelling.

Here are reasonable stop entry setups from last Friday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a near 4-year library of more detailed explanations of swing trade setups (see Online Course/BTC Daily Setups). Encyclopedia members get current daily charts added to Encyclopedia.

My 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

Emini 5-Min Bull Trend From Open, Trading Range, Reversal

Brad created the SP500 E-mini charts – Al travelling.

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 Price Action 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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