Trading Update: Friday May 29, 2026
E-mini end of day video review
S&P E-mini market analysis
E-mini daily chart
- The daily chart continues to form a tight bull channel and tested the 7,600 round number, which is a likely obvious area of resistance and increases the probability that today will find sellers above 7,600.
- Yesterday formed an outside bar, and it is the second consecutive outside bar in a row, which increases the risk that there will be sellers above today’s high and that the bulls will get disappointed.
- The market continues to be far from the moving average, which increases the risk of a pullback.
- The past two days have formed consecutive outside bars, which makes the odds against today forming a third consecutive outside bar.
- The bulls will likely be disappointed with today’s follow-through, and that increases the risk that the bears will get a reversal bar.
- At a minimum, the bears want today to close below its midpoint; ideally, the bears are hopeful that today will be a bear bar closing on its low.
- The odds favor a test of the moving average and the May 19 low over the next couple of weeks.
- While the bulls have done a great job since the beginning of April, the market continues to be climactic, and that increases the risk of a pullback and the market going sideways over the next several weeks.
E-mini 5-minute chart and what to expect today
- The day formed a small gap up and rallied for the first five bars, testing the 7,600 round number.
- The market broke 10 points above 7,600 and found sellers; whenever the market tests a new major round number for the first time, it is common for the market to break above it by 10 points or more and then find sellers.
- While the bulls did a good job with the rally up to bar 5, the bears formed a sell-off down to the bar 15 low, which was a sign that today was likely to have a lot of trading range price action.
- As of bar 27, the market has formed big up, big down, big confusion, causing the market to enter breakout mode.
- The bulls are hopeful that they can break strongly above 7,600; however, the higher time frame is climactic, and the market is at the major resistance of 7,600.
- At the moment, the odds are that today will close below 7,600.
- The sell-off down to bar 16 was strong enough that it may have to get retested later in the day.
- The bears are hopeful that they can form a double top with bar 22 and bar 27. Next, they want a break below the neckline of bar 23, low, and reach bar 16 low.
- Today is Friday, and therefore, weekly support and resistance are important.
- Traders must be mindful of the possibility of a surprise breakout up or down late in the session as traders decide on the close of the weekly chart.
Yesterday’s E-mini setups
Jed 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
Jed 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.
