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 Friday, July 14, 2017.

  • Bar 1 - Big bull doji within yesterday tight trading range, 2-day weak blch, but magnet of all time high just above so do not sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 2 - Big bull bars, close on high, always in long, more up
  • Bar 5 - Fail, failure breakout high of yesterday and blch, close on low, possible high of day, but low probability so swing or wait, but trend from the first bar bull 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 7 - 3 consecutive bear bars, limit order bear scalpers from 1 high probably will make money. Buy the close 4 then deep pullback usually is big up, big down, big confusion so trading range likely
  • Bar 9 - Opening reversal at moving average but tail, 4 consecutive bear bars, minor trend reversal so trading range more likely, sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 11 - Lower high but minor trend reversal so trading range more likely, sideways
  • Bar 18 - Higher high major trend reversal, fail, failure breakout high of yesterday second entry sell, OK swing sell or short, possible high of day, but low probability so swing or wait
  • Bar 20 - Higher low at moving average, still always in long, but OK to hold short with stop above 18 for possible high of day, but low probability so swing or wait
  • Bar 23 - Moving average pullback, always in long, close on high, but top of tight trading range and still on 18-sell or short. Breakout mode, bulls and bears scaling in, both swinging, possible trending trading range day
  • Bar 37 - Breakout and follow through, buy the close, possible measuring gap, but weak breakout, probably not going far, maybe trending trading range day
  • Bar 38 - Big breakout, but possible exhaustion gap. Probably at least small two legs up

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