Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

S&P 500 E-Mini May Test Sept. 1 High Today

By Al BrooksCurrenciesNov 29, 2023 09:34AM ET
S&P 500 E-Mini May Test Sept. 1 High Today
By Al Brooks   |  Nov 29, 2023 09:34AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

Emini daily chart

  • o    The S&P 500 Futures formed another doji bar in the middle of a tight trading range over the past four trading days.
  • o    The market is deciding if it needs to test the moving average before reaching the September 1st high. The market is so close to the target that it may reach it in the next two days.
  • o    The September 1st high is important because it is the start of the bear channel. Channels evolve into trading ranges, which means that the odds are this price level will be tested again.
  • o    The odds are any reversal down will lead to a trading range and not a strong downside breakout. This means that the moving average will likely act as support.
  • o    If the bears will take control, they need to show signs of strength. At a minimum, the bears need to get bear bars closing on their lows. Next, the bears must form consecutive trend bars with closes on their lows.
  • o    Because the bulls are losing momentum, the odds are the market will get a pullback in the next day or two. This increases the odds that today will have a bear close on the daily chart.

Emini 5-minute chart and what to expect today

  • o    Emini is up 22 points in the overnight Globex session.
  • o    The Globex market rallied to a new high during the early morning hours.
  • o    The September 1st high is at (4,597), only 7 points from the day’s high. This is a close enough test of an important magnet that the market may be unable to escape the gravitational pull of the September 1st high.
  • o    The higher time frames are in a bear channel. This increases the odds of sellers on the open of the early morning Globex rally, leading to a failed bull breakout.
  • o    Because the daily chart is overbought, traders should pay attention to the day’s open. This is because the market will probably close below the day’s open today or tomorrow.
  • o    Traders should expect the day’s open to have a lot of trading range price action. This means that most traders should not trade for the first 6-12 bars unless they can make quick decisions.
  • o    Most trades should focus on the opening swing that often begins before the end of the second hour. It is typical for the opening swing to start after the formation of a double top/bottom or a wedge top/bottom.

Yesterday’s Emini setups

Emini Chart
Emini Chart

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.

S&P 500 E-Mini May Test Sept. 1 High Today

Related Articles

S&P 500 E-Mini May Test Sept. 1 High Today

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email