Daily Price Action: E-Mini S&P 500

December 12, 2014 01:46 AM

Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Thursday, Dec. 11, 2014.

  • Bar 1 - Rollover day, but i usually still trade old contract today because more volume. Higher low major trend reversal, big bull bar, open on low, close on high, always in long possible trend from the first bar bull. Need 1 more bar to confirm
  • Bar 2 - Strong follow through, always in long, mmu likely
  • Bar 4 - Tail so probably pullback soon, maybe at 60 minute 20 bar exponential moving average, but strong bull trend, don't sell or short
  • Bar 6 - Trend from the first bar so buy below or buyers at the low of the bar and probably scaling in lower and probably above. Don't sell or short
  • Bar 8 - Double bottom 6, but trendline target just a little above and trading range likely so only buy or long if swing stop below 7, 3, or 2
  • Bar 11 - Close on high, more up, probably to high of yesterday. Buy the close, stop below 7. Probably parabolic wedge top soon
  • Bar 13 - Final flag 9 two legged pullback in a bull move, but strong breakout, probably buy below or buyers at the low of the bar and probably scaling in lower and 1 more push up. Then, probably parabolic wedge top and then pullback for at least 10 bars. Then 50% chance of bear breakout
  • Bar 15 - Parabolic wedge 73 5, second entry sell, possible high of the day but better to wait for a strong bear breakout, or more selling pressure and second entry sell. Might get one more push up, but unlikely to go much higher for at least a couple of hours and probably all day after such strong consecutive buy climax on the open
  • Bar 17 - 3 bars down, 50% chance this is high of the day
  • Bar 19 - One legged pullback in a bull move but 6 bars down and tight trading range likely. Probably sell above or sellers at the high of the bar and probably scaling in higher and tight trading range. Always in long but bulls need stop below11 or 7
  • Bar 21 - Tight trading range, probably sell above or sellers at the high of the bar and probably scaling in higher, but two legged pullback in a bull move in bull trend so don't sell or short

pending chart 3679

The S&P 500 Emini's dominant price action feature of the today for day traders was the trend from the open bull trend followed by consecutive buy climaxes and a lower high major trend reversal. For today's real-time update, see intraday market update. For more on the current S&P 500 and E-mini weekly charts, see weekly market update.

[more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]

About the Author

Al Brooks, M.D., is author of the Brooks Trading Course (27 hours of videos at BrooksTradingCourse.com), several books on Price action (Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader, Wiley, 2009, and the 500,000 word, three-book series, Trading Price Action, Wiley, 2012), and numerous articles in Futures Magazine. He also provides live intraday E-mini price action analysis and free end-of-day analysis on www.brookspriceaction.com.