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 Wednesday, April 19, 2017

  • Bar 1 - Gu but tail, probably trading range open so mostly a limit order market 
  • Bar 2 - Fail, failure breakout high of yesterday but 2 bull bars, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 4 - Two legged pullback in a bull move 2 but tail, tight trading range, always in long, possible low of day, but low probability so swing or wait, but probably trading range open so mostly a limit order market 
  • Bar 7 - Fail, failure breakout high of yesterday second entry sell, 40% chance high of the day so OK swing sell or short, but often goes sideways for an hour before turning down. Always in long, 3 consecutive bull bars, probably buy below or probably buyers at the low of the bar scaling in lower, but probably not much higher. Small chance of small pullback bull trend. Bears might need 1 more push up to parabolic wedge top 
  • Bar 8 - One legged pullback in a bull move, always in long but doji after bear bar. Low probability so swing only or wait buy or long. Breakout mode, bulls and bears scaling in, both swinging since reversal down after reversal up. Still possible high of day, but low probability so swing or wait 
  • Bar 11 - Two legged pullback in a bull move but doji, still on 7 sell or short. Probably tight trading range and should test moving average 
  • Bar 17 - Double bottom lower low test of moving average, parabolic Wedge 8, 11, fail, failure breakout low of the day, possible low of day, but low probability so swing or wait, good buy or long sellers below or probably sellers at the low of the bar, always in short bears exit, but minor trend reversal so trading range more likely 
  • Bar 20 - Breakout pullback sell or short, always in short, but bull bars, parabolic wedge at moving average, buy below or probably buyers at the low of the bar scaling in lower and buy below or probably buyers at the low of the bar scaling in lower low of the day. Should test 10-high and maybe 8 high. Trading range day likely, but 70% chance 6 will remain high of the day 
  • Bar 25 - Breakout pullback buy or long, probably always in long but bear bar, breakout test or bought 7 low, sellers above or probably sellers at the high of the bar scaling in higher. Middle of trading range day 
  • Bar 27 - Lower high major trend reversal, breakout test or bought 7l, OK sell or short, but tight channel so minor trend reversal so trading range more likely, better to wait for a strong bear breakout, or more selling pressure and second entry sell 
  • Bar 29 - 3 consecutive bear bars, more down, possible to 60-minute 20-bar exponential moving average

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