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Key Points from Market Analysis:
- The S&P Emini market is approaching the 5,300 round number, with a high probability of reaching it in the coming days.
- Bears are looking for a major trend reversal and a downside test of the April 19th low, aiming for a break below the neckline and a measured move down to below 4,700.
- While a test of 4,700 is not likely without stronger selling pressure, the rally up to the May high indicates higher prices are favored.
- Traders should expect a trading range to begin soon, with bulls targeting 5,317.25 as a measured move target.
- Overall, the market is currently Always In Long within a trading range, and traders should be prepared for potential sideways trading or a deep pullback.
What to Expect Today:
- Emini is up 16 points in the overnight Globex session, with a tight bull channel indicating sideways to up trading.
- An upside outside up bar at 9:15 AM EST suggests sideways trading for the next several bars, with a potential test of sideways to down on the U.S. Session open.
- Traders should be patient on the open, as there is an 80% chance of a trading range open and only a 20% chance of a trend from the open.
Friday’s Emini Setups:
For Friday’s trading, here are reasonable stop-entry setups and swing trade entries for traders. It is important to understand that most swing setups do not lead to swing trades, so traders should be prepared for potential exits with small profits or losses.
Overall, traders should be cautious of the current market conditions and be prepared for potential changes in trend and trading range movements.