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, July 13, 2017.

  • Bar 1 - Big bull doji within yesterday tight trading range
  • Bar 2 - Consecutive bull bars, magnet of all time high just 8 points above, but tails, trading range price action
  • Bar 4 - Fail, failure breakout high of yesterday, micro double top 2, limit order bull scalpers made money above 1, possible high of day, but low probability so swing or wait. Possible low of day, but low probability so swing or wait. One legged pullback in a bull move, two inside bars, but 2 weak bull bars
  • Bar 6 - Fail, failure breakout high of yesterday, possible high of day, but low probability so swing or wait, but 6 bar bull micro channel, small bars, no energy, better to wait for a strong bear breakout, or more selling pressure and second entry sell. 6 bbrlm so usually buy below or probably buyers at the low of the bar scaling in lower, but no strong bull bars today so wait to buy or long
  • Bar 9 - Outside down bar, 2fbo high of yesterday, possible high of day, but low probability so swing or wait, OK sell or short
  • Bar 11 - 3 consecutive bear bars, always in short, might get outside down bar
  • Bar 13 - Opening reversal up, double bottom lower low 81, strong bull bars, possible low of day, but low probability so swing or wait, limit order bull scalpers made money below 81, but always in short so sellers above or probably sellers at the high of the bar scaling in higher, stop above 9. Probably will bounce and bear will sell or short higher, around high of yesterday
  • Bar 15 - Fail, failure breakout low of the day second entry buy, breakout mode, bulls and bears scaling in, both swinging, always in short, but probably will bounce to test 8 low and high of yesterday
  • Bar 18 - Lower high, but strong bull bars 13, 17, room to 8 low and high of yesterday, better to wait for a strong bear breakout, or more selling pressure and second entry sell
  • Bar 20 - Wedge lower high major trend reversal but consecutive bull bars, tight channel, low probability so swing only or wait sell or short
  • Bar 26 - Double top major trend reversal, good bull bars, but tight channel, always in long, minor trend reversal so trading range more likely, buy below or probably buyers at the low of the bar scaling in lower for breakout to new high of the day

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