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Emini Strong Reversal Up to April 9th High

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Trading Update: Wednesday April 23, 2025

S&P Emini market analysis

Emini daily chart

  • he Daily chart of the Emini formed a bull reversal bar, following Monday’s bear breakout.
  • The selloff down to Monday was two legs and formed overlapping bars. This increased the risk of it leading to a bear leg in a trading range.
  • The April 9th bull breakout bar was a surprise, and the odds favor a 2nd leg up. Because April 9th is a large bar, traders will see it more as a trading range bar than a bull trend bar. This means that there were likely buyers at the midpoint and the bottom 1/3rd of the bar.
  • The bulls have a credible reversal with yesterday’s bull reversal bar. While yesterday’s bar has a tail above it, it gapped up and rallied from the open. This is a sign that the reversal had strong momentum behind it, increasing the odds of a 2nd leg up.
  • Most breakouts get some kind of 2nd leg. When the breakout forms in a trading range, there is increased risk that the 2nd leg will form after a complex pullback, which is what happened with Monday’s low, following the April 9th breakout.
  • Overall, the bulls expect a test of the April 9th high and price above it. Traders will pay close attention to see what kind of rally the next couple of days form in order to better calibrate their expectations as to what the 2nd leg up will look like.

Emini 5-minute chart and what to expect today

  • The Emini gapped up and is testing the April 9th breakout high. This is good for the bulls and increases the odds of higher prices on the daily chart.
  • The bulls formed a triangle with bar 11 and three consecutive bull bars up to bar 13. This is a strong enough breakout of the triangle that the odds favor a 2nd leg up.
  • Yesterday, 44 bars were spent away from the moving average. Today is unlikely to repeat the same behavior. This means that the market will probably test the five-minute moving average sometime soon, which increases the risk of sideways trading.
  • As of bar 13, the market is Always In Long and traders are better off looking to buy or buy.
  • While the rally to bar 13 is good for the bulls, it is still high in the bar 7 opening range. This is not a clear breakout of the trading range. Therefore, there is an increased risk of a possible failed breakout and reversal down to the moving average.
  • If bulls want a higher probability, they have to wait for more buying pressure. Currently, bulls are more in control than the bears (bar 13).

Yesterday’s Emini setups

SP500 Emini 5-Min Chart Bull Trend from Open and Then Trading Range

Al created the SP500 Emini charts.

Here are reasonable stop entry setups from yesterday. 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 Emini.

Summary of today’s S&P Emini price action

SP500 Emini 5-Min Chart Double Top Then Bear Trending Trading Range Day

Al created the SP500 Emini charts.

Emini end of day video review

Periodic end of day review videos will be moved to top of page when done.

EURUSD Forex market analysis

EURUSD Forex daily chart

  • The EURUSD formed a strong bear reversal bar closing on flow following the prior day’s bull breakout with the tail above the bar.
  • Yesterday is a strong enough reversal bar that the odds favor at least a small second leg down, and so far today has good follow-through for the bears.
  • This increases the odds that even today has a tail below the bar, and if tomorrow bounces, there will probably be sellers above. Whatever reversal attempt the bulls try and get will probably form a weak High 1 and lead to sellers above the bar.
  •  The bears are hopeful that the rally up to April 11th is exhausted and that the market will test down to the bottom of the breakout near the April 10th low. The EURUSD has formed consecutive climaxes, and the odds favor a couple of legs down to the moving average. Always In Bulls probably got out below the low of the prior bar. This means the bears will probably get a couple of legs sideways or down.

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 Emini 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 Emini 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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