Daily Price Action: E-mini S&P 500

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, March 16, 2017

  • Bar 1 - Bull doji above moving average in middle of yesterday reversal, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 2 - Opening reversal but bear bar, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 3 - Double top lower high but minor trend reversal so trading range more likely, bull bar, buy below or probably buyers at the low of the bar scaling in lower, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 8 - Lower high major trend reversal, good sell or short sellers below or probably sellers at the low of the bar, possible high of the day, but tight trading range
  • Bar 10 - Breakout, follow through, always in short, more down, but probably bear leg in trading range, possible buy below or probably buyers at the low of the bar scaling in lower 79
  • Bar 11 - Two legged pullback in a bull move 79, micro double bottom, possible low of the day, but 4 consecutive bear bars, minor trend reversal so trading range more likely
  • Bar 13 - Breakout pullback sell or short, always in short, but 2 bull bars, low probability short, probably buyers below, and sideways more likely than down
  • Bar 14 - Wedge 44 79, second entry buy, good buy or long sellers below or probably sellers at the low of the bar, possible low of the day, but always in short, probably more down, possible two legged pullback in a bear move soon, higher probability to wait for a breakout for big bull trend bar. Weak bear so probably probably bear leg in trading range and not in bear trend, but no clear bottom yet and 62-low target below
  • Bar 17 - Two legged pullback in a bear move, always, in short, 62-low target below, but 2 ticks tail, 2 good bull bars, low probability short, probably buyers below, and sideways more likely than down
  • Bar 20 - Double bottom 62, sell climax, wedge 2 11, possible exhaustion gap and low of the day, but big enough bear bar so bulls probably need micro double bottom
  • Bar 21 - Breakout pullback sell or short, always in short, might test 55 breakout low, but wedge and double bottom, strong 20, low probability short, probably buyers below, and sideways more likely than down, limit order bull scalpers making money all day, possible buy below or probably buyers at the low of the bar scaling in lower

More bar-by-bar analysis, daily webinar and trading course info can be found here and also here