Trading Update: Monday April 20, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The daily chart of the E-mini continues to be climactic and far from the moving average after breaking out above the all-time high.
- The risk is getting big for the bulls. And this increases the odds that the E-mini will pull back over the next several days. Because the rally has been strong for the Bulls, the odds are against a sudden reversal down. Even if the market gets a deep pullback testing back to the 7000-round number, the odds will still favor a retest of the highs.
- This means that the best the Bears can probably expect is a trading range lasting for the next several bars. If the bears are going to get a successful reversal down, they will need more selling pressure. Otherwise, sideways is most likely.
- The Bulls are hopeful that the rally up to 7,200 is strong enough for a second leg up. However, because the rally is climactic, the odds are instead the market goes sideways for several bars.
E-mini 5-minute chart and what to expect today
- The mini gapped down on the open and went sideways for the first 12 bars forming a breakout mode below the moving average. The Bears got a reversal down with bar 12 and follow through with bars 13 14 and 15 Which increased the odds of the Bears getting a second leg down which they did on bar 17.
- Bar 17 was a climactic bar with a tail below it. This increased the odds of a trading range and a failed breakout below the 17 low, which is what happened on bars 20 and 21.
- The bulls formed a strong reversal up with bar 24. This is a strong enough five bar bull micro channel that the odds favor a second leg up in a test back to the open of the day.
- The rally to bar 24 is strong enough to get a 2nd leg. The bulls are hopeful that the second leg up will be strong enough to lead to bar 20 being the low of the day.
- As of bar 35, traders are waiting to see what kind of second leg the bulls will be able to form.
- The bears want the opposite. They are hopeful that the pullback to bar 34 is going to form an endless pullback that leads to a downside breakout followed by a measure move down of the bull flag.
Friday’s E-mini setups
Richard created the SP500 E-mini chart.
Here are reasonable stop entry setups from Friday. 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
Richard created the SP500 E-mini chart.
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.
