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, April 20, 2017

  • Bar 1 - Gu, but big tail, in middle of y’s range, testing 42 to top of channel 
  • Bar 2 - Bear bar, double top 42, possible high of day, but low probability so swing or wait, OK sell or short but probably trading range open so mostly a limit order market 
  • Bar 3 - Limit order bull scalpers made mone, but consecutive bear bars so always in short. Probably trading range open so mostly a limit order market, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 6 - Opening reversal moving average, microwedge 1, 3, possible low of day, but low probability so swing or wait, but 6 bar bear micro channel so lrb sellers above or probably sellers at the high of the bar scaling in higher, probably trading range open so mostly a limit order market 
  • Bar 7 - Big bull body, probably always in long, but tail 
  • Bar 9 - 3 bull bars, always in long, but tails so probably deep pullback and trading range day 
  • Bar 10 - Fail, failure breakout high of the day, breakout mode, bulls and bears scaling in, both swinging, bear two inside bars, possible high of day, but low probability so swing or wait, but probably scalp and trading range. Always in long, so buy below or probably buyers at the low of the bar scaling in lower, but possible deep pullback, stop below 6 
  • Bar 14 - Breakout test or bought 6-high, lrb trapped, always in long, bpb, but big up, big down, big confusion so trading range likely, probably sellers above or probably sellers at the high of the bar scaling in higher and sideways 
  • Bar 18 - Lower high but 4 bull bars, always in long, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 20 - Breakout pullback buy or long, always in long, but top of trading range day, big bull bar, need stop below 14 or 6 
  • Bar 26 - Wedge 1, 9, but 4 bull bars, buy below or probably buyers at the low of the bar scaling in lower, possible breakout high of yesterday, which is neck line of double bottom higher low major trend reversal on 60-minimum or minutes chart

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