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, September 8, 2017.

  • Bar 1 - Breakout low of yesterday but 2-day tight trading range, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 2 - Fail, failure breakout low of yesterday, OK buy or long for low of the day, possible outside down bar
  • Bar 5 - Opening reversal down from moving average but 5-bar bull micro channel, always in long, buy below or probably buyers at the low of the bar scaling in lower. Second entry buy but 2 bear dojis
  • Bar 8 - Opening reversal 60-minute 20-bar exponential moving average, Wedge 1, 4, strong bear bars, but 8 bar bull micro channel, low probability short, probably buyers below, and sideways more likely than down, buy below or probably buyers at the low of the bar scaling in lower around 4-high. Limit order bear scalpers will buy or long back sell or short at 4 high. Always in long, but probably probably bull leg in trading range and not in bull trend so probably deep pullback, maybe to 6 low or low of the day
  • Bar 9 - Consecutive bear bars, sellers above or probably sellers at the high of the bar scaling in higher, but always in long, buy below or probably buyers at the low of the bar scaling in lower around 6 low
  • Bar 10 - Two legged pullback in a bull move but tight channel, 4 bear bars, probably sellers above or probably sellers at the high of the bar scaling in higher and sideways, but always in long, better to start to buy or long. Probably limit order
  • Bar 13 - Wedge higher low, always in long, OK buy or long
  • Bar 17 - Double top 7, but always in long, probably buy below or probably buyers at the low of the bar scaling in lower
  • Bar 21 - Possible second leg trap in a trading range, should test open of week, but always in bulls can exit below and buy again above bull bar, possible deep pullback to 18-low or 13-low.
  • Bar 22 - 3 bear bars, sellers above or probably sellers at the high of the bar scaling in higher, more down, but 80% chance 1 will remain low of the day. Probably deep pullback and trading range day
  • Bar 28 - Two legged pullback in a bull move but tight channel, room to 18 low, probably minor trend reversal so trading range more likely

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