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, July 12, 2017.

  • Bar 1 - Gu, breakout above 3 week brch, big bull bars, buy the close. Open of day is low of the day so odds favor dip below low of the day at some point
  • Bar 2 - Follow through, buy the close. Probably rally for 5 – 10 bars, then tight trading range. Less likely parabolic wedge top.
  • Bar 6 - Breakout pullback buy or long, trend from the first bar bull, buy below or probably buyers at the low of the bar scaling in lower, but possible parabolic Wedge 1, 3, open of day at low of the day so magnet below, probably limitied up before pullback or tight trading range
  • Bar 9 - Two legged pullback in a bull move but tight trading range, probably sellers above or probably sellers at the high of the bar scaling in higher high of the day
  • Bar 12 - Two legged pullback in a bear move, weak rally, but doji, always in long, low probability short, probably buyers below, and sideways more likely than down, better to only sell or short with limit order orders at new high. Better to exit below bear bars
  • Bar 13 - Bear bars, moving average magnet below, always in bulls can exit below and buy again above bull bar
  • Bar 15 - 3 consecutive bear bars, but big tail. Sill always in long, but probably sellers above or probably sellers at the high of the bar scaling in higher and then sideways to down to moving average
  • Bar 19 - Twenty gap bars buy or long, good bull bars, but big up, big down, big confusion so trading range likely, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 21 - Twenty gap bars buy or long, second entry buy, always in long, OK buy or long but tight channel, low of the day magnet below, not high enough probability for a scalp
  • Bar 24 - Double top 16-lower high but nebm
  • Bar 27 - Breakout pullback buy or long at moving average, always in long, but tight trading range, limit order market, sellers scaling in above, buyers below, both scalping

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