E-mini Approaching October 10th High

Trading Update: Friday October 31, 2025

E-mini end of day video review

You can also watch Joseph’s EOD Review for today on his YouTube channel.

S&P E-mini market analysis

E-mini daily chart

• The E-mini formed a bear bar closing when it was at its low yesterday. This is a strong enough reversal down that the odds favor a second leg in testing the October 10^th high.
• The bears are hopeful that the selling pressure is intense enough that it will break below the October 10^th high and test down to the October 10^th close. While this is possible, the bears will likely have to increase the selling pressure first.
• While the October 10^th close looks far away, the market is likely transitioning from a bull channel into a trading range. This means that traders will expect a test of major higher lows, such as the October 10^th higher low.
• At the moment, the odds favor more sideways to down and a test of the October 10^th close. It is possible, but that market will have to go sideways above the October 10^th breakout point high for several bars and build more selling pressure first.
• The Bulls want to prevent the gap above the October 10^th high from closing, but the reality is that the odds favor the closing of the gap.
• Next, the bulls want to prevent the market from falling below the most recent major higher low, the October 10^th low.
• Overall, the odds favor sideways to down over the next couple of weeks.

E-mini 5-minute chart and what to expect today

• The market formed a gap-up on the open, which was retested and closed on the first 6 bars.
• Today has gone sideways for the first 27 bars. This increases the odds of trading range price action today.
• Today is Friday, so weekly support and resistance are essential. The open of the week of the Globex market is 81 even, and we’re right at the opening price. This will likely be an important magnet for the rest of the day.
• The bears want to get a close below the high of last week as a sign of intense selling pressure.
• If today is going to be a bear trend day, it’s probably going to be a trending trading range day and not a strong bear trend. This means traders will expect breakouts to go sideways for several bars before they can get resumption again.
• Overall, traders should expect a lot of sideways trading. Until there’s a clear breakout with follow-through, traders should be hesitant when selling new lows. The problem with trending trading range days is that by the time they break out, they usually only last for a few bars before going sideways.

Yesterday’s E-mini setups

Richard created the SP500 E-mini chart – Al travelling.

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 E-mini.

Summary of today’s S&P E-mini price action

Richard created the SP500 E-mini chart – Al travelling.

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.