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, August 10, 2017.

  • Bar 1 - Double bottom low of yesterday, possible low of day, but low probability so swing or wait, but tail, better to wait
  • Bar 2 - Breakout pullback sell or short, possible high of day, but low probability so swing or wait, OK swing but bottom of month trading range
  • Bar 4 - Trend from the first bar bear, sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 5 - Breakout pullback sell or short, trend from the first bar bear, always in short, but bull bars, bottom of 4-week trading range, limit order bull scalpers 1 low made money, probably buy below or probably buyers at the low of the bar scaling in lower 4 for wedge attempt
  • Bar 9 - Parabolic Wedge 1, 4 at top of June trading range and at mmd, possible low of day, but low probability so swing or wait, but minor trend reversal so trading range more likely
  • Bar 11 - Breakout pullback sell or short but parabolic wedge, buy below or probably buyers at the low of the bar scaling in lower and below 8
  • Bar 12 - Parabolic wedge, micro double bottom, possible low of day, but low probability so swing or wait, but top of tight trading range. OK swing buy or long for possible reversal day
  • Bar 15 - Doji after 3 bull bars, micro double bottom, parabolic wedge at support, probably always in long, but bull need breakout soon. Possible trading range. Bull need big bull trend bar for reversal day, else sideways
  • Bar 16 - Two legged pullback in a bear move 11, bear two inside bars, just below moving average, double top lower high 5, 40% chance of breakout below 8 and mmd, minor trend reversal so trading range more likely
  • Bar 18 - 3 consecutive bear bars, always in short, but trading range likely
  • Bar 20 - Higher low, close on high, but 4 bear bars, always in short, below moving average, sell the close

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