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, September 7, 2017.

  • Bar 1 - St lower high high of yesterday, but 2 ticks body, 3-hour trading range, buy below or probably buyers at the low of the bar scaling in lower at close of yesterday and moving average. Test of high of yesterday and yesterday was doji day or doji bar so might test low of yesterday
  • Bar 2 - Opening reversal but doji, sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 4 - Big outside down bar, might test low of yesterday, probably always in short, but tight trading range
  • Bar 7 - Big bear breakout, probably will test low of yesterday, but bull buy the close for scalp since trading range and test low of yesterday
  • Bar 8 - Fail, failure breakout 4-hour trading range and 60-minute 20-bar exponential moving average, but probably sellers above or probably sellers at the high of the bar scaling in higher for test low of yesterday
  • Bar 11 - Two legged pullback in a bear move but doji, tight trading range, buy below or probably buyers at the low of the bar scaling in lower and below 9
  • Bar 13 - Fail, failure two legged pullback in a bear move, but big outside up bar in tight trading range, limit order market, sellers scaling in above, buyers below, both scalping. OK swing buy or long since possible low of day, but low probability so swing or wait, but limit order market, sellers scaling in above, buyers below, both scalping, higher probability to wait for a breakout
  • Bar 14 - 3 consecutive bull bars, possible low of day, but low probability so swing or wait, always in long for test 6 high or 7 high. Possible reversal day
  • Bar 17 - Lower high major trend reversal, but doji, strong bull breakout, buy below or probably buyers at the low of the bar scaling in lower, better to wait for a strong bear breakout, or more selling pressure and second entry sell
  • Bar 19 - Two legged pullback in a bull move bull outside bar surrounded by inside bars but tail, top of trading range day, limit order market, sellers scaling in above, buyers below, both scalping, buy or long lower
  • Bar 25 - Higher low, bad follow through, but consecutive bear bars, so better to wait for a strong bull breakout, or more buying pressure and second entry buy

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