Trading Update: Wednesday April 22, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The E-mini yesterday formed an outside bar closing near its low. This is the first bear bar in the past several bars and therefore likely to find buyers below it.
- Because the daily chart is getting climactic after breaking far above the prior all-time high, the odds favor the market going sideways for the next several bars. The risk is getting big for the bulls, which increases the odds of the market pulling back and testing the prior all-time high in the 7000 round number.
- Bears will likely have to increase the the selling pressure. This means that the market may go sideways for several bars around this price level on the daily chart.
- Because yesterday is an outside down bar closing near its low there will likely be sellers above today’s high assuming the market gets there.
- Overall, the Bulls have done a great job with the rally. However, at this point, the risk is likely too large for the bulls which increases the odds that the market is going to correct down for a couple of legs. Because the rally is strong, the market may have to first go sideways for more bars and develop more selling pressure.
E-mini 5-minute chart and what to expect today
- Today gapped up on the open and formed a parabolic wedge up to bar 11. While the rally was good for the bulls, it looked like a bull leg and will become a trading range.
- The rally up to bar 11 also failed to break above yesterday’s high, this increased the odds of the market going sideways and testing the moving average.
- As of bar 34, the market is forming a triangle entering breakout mode. Because the reasons mentioned above the odds favor the bulls getting disappointed and the market testing back down to yesterday’s close at some point today.
- The bears are hopeful that they will be able to get a measure move down based on today’s opening range. At the moment with bar 34 closing on its low probability is increasing for the bears, however, until the Bears can get a clear downside breakout with follow-through, best to assume that the probability is close to 50% for both the Bulls and the Bears.
Yesterday’s E-mini setups
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
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.
