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 Tuesday, July 11, 2017.

  • Bar 1 - Bear bars, 7 consecutive bear bars, but tail. Always in short, syc, but probably buy below or probably buyers at the low of the bar scaling in lower around low of yesterday
  • Bar 2 - Consecutive bear bars, but bottom of 3-day trading range, risk is big, low probability so swing only or wait buy the close, probably bounce soon. Bulls want opening reversal up from low of yesterday, but tight channel so minor trend reversal so trading range more likely. In tight trading range from 2 days ago, sell climax, at support, probably trading range open so mostly a limit order market
  • Bar 4 - Opening reversal up from low of yesterday, micro double bottom 3, but 10 bar bear microchannel, minor trend reversal so trading range more likely and trading range more likely
  • Bar 6 - One legged pullback in a bear move, micro double top, but sell climax at resistance so lower probability, not high enough probability for a scalp. Still always in short
  • Bar 7 - Micro double bottom, opening reversal low of yesterday second entry buy, possible low of day, but low probability so swing or wait, but doji, tight trading range, limit order market, sellers scaling in above, buyers below, both scalping. Bulls want endless pullback then bull breakout above bear flag for low of the day
  • Bar 10 - Bull breakout bear flag, consecutive bull bars, always in long, possible low of day, but low probability so swing or wait, but probably minor trend reversal so trading range more likely and trading range
  • Bar 12 - One legged pullback in a bull move, always in long, but 50% pullback, probably minor trend reversal so trading range more likely up and trading range soon
  • Bar 15 - Parabolic Wedge 6, 10, 50% pullback, but always in long, buy below or probably buyers at the low of the bar scaling in lower. Might get deep pullback. Range too big for breakout mode, bulls and bears scaling in, both swinging
  • Bar 16 - One legged pullback in a bull move, always in long, but top of weak rally and tight trading range. Probably weak bull trend or trading range day so deep pullbacks likely. Probably inside day
  • Bar 20 - Double top 14, wedge lower high, but tight trading range, doji, swing only
  • Bar 21 - Big bear bars, more down

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