E-Mini Beginning to Stall at 4,600

ESU3
-0.16%

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S&P Emini pre-open market analysis

Emini daily chart

• The S&P 500 Futures is beginning to stall at the 4,600 big round number and will probably pull back for a day or two.
• The market reached 4,600 yesterday. However, the day was mostly a trading range day. This is a sign that the momentum is drying up, at least temporarily.
• The Emini will probably pull back for a few days and, at a minimum, go sideways.
• The bears are hopeful that they can damage the bull rally. They need a strong enough downside breakout that the odds will favor a second leg down.
• Overall, the upside is probably limited over the next several weeks, and the market will likely have to pullback before the bulls have a credible chance at getting higher prices.

Emini 5-minute chart and what to expect today

• The overnight Globex market has gone sideways for most of the overnight session.
• The market likely got neutral going into the Initial jobless claims report at 5:30 AM PT which will probably move the market.
• Traders should expect a trading range open during the U.S. Session. This means traders should consider waiting for the first 6-12 bars before placing a trade unless they are comfortable with limit order trading.
• Traders should pay attention to the open of the day since the market will probably be in a trading range.
• Traders should be mindful that the market might close below the day’s open due to the daily chart becoming climactic. If the market is above the open and the rally is not strong, traders should be prepared for a selloff back to the open.
• Overall, traders should be prepared for a trading range day. However, they must remember that price is truth. This means one can never be in denial of the chart and must trade the chart in front of them.

Yesterday’s Emini setups

SP500 Emini 5-Min-Chart

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