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 Tuesday, September 12, 2017.

  • Bar 1 - Gu, bull bars, but both small. Always in long, but yesterday tight trading range is magnet below. Probably trading range open so mostly a limit order market
  • Bar 2 - Consecutive bull bars, buy below or probably buyers at the low of the bar scaling in lower, but probably sideways
  • Bar 4 - Fail, failure breakout, high of yesterday second entry sell but big tail, big up, big down, big confusion so trading range likely, 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 6 - Double bottom higher low 1, good bull bars, but 3 bear bars so possible always in short, probably sideways, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 8 - Two legged pullback in a bull move but big up, big down, big confusion so trading range likely, tight trading range, better to wait
  • Bar 10 - Double bottom higher low 1 at moving average, three legged pullback in a bull move, but doji, tight trading range, better to wait
  • Bar 13 - Breakout mode, bulls and bears scaling in, both swinging, fail, failure breakout above 1 and now fail, failure breakout below 1. Possible low of day, but low probability so swing or wait, but tight channel so probably minor trend reversal so trading range more likely
  • Bar 21 - Double top bear flag 14, but 4 bar pullback in brltr, limit order bull scalpers made money below every low, buy below or probably buyers at the low of the bar scaling in lower and sellers above or probably sellers at the high of the bar scaling in higher, then trading range
  • Bar 23 - Higher low, should test above at least 1 lower high, OK buy or long, but probably bull leg in trading range and not in bull trend
  • Bar 30 - Lower high major trend reversal, two legged pullback in a bear move, but small pullback bull trend, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 32 - One legged pullback in a bull move, fail, failure two legged pullback in a bear move, small pullback bull trend, should test 2-close

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