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 price action in the E-mini S&P 500. This is his analysis for Friday, October 6, 2017.

  • Bar 1 - Doji at 50% pullback of y’s buy climax so trading range open, and increased chance of trading range day. Might get back into yesterday tight trading range and stay sideways, creating a one legged pullback in a bull move buy signal bar on daily chart for monday
  • Bar 2 - Close on high, possible low of day, but low probability so swing or wait, but not big, and big gd so probably trading range open so mostly a limit order market, low probability buy, probably sellers above, and sideways more likely than up. Bulls want double bottom or wedge bottom, and bear want double top or wedge at moving average
  • Bar 3 - Breakout test or bought 39 low, possible high of day, but low probability so swing or wait, but another doji in tight trading range. Low probability short, probably buyers below, and sideways more likely than down
  • Bar 5 - Fail, failure breakout yesterday tight trading range second entry buy, possible low of day, but low probability so swing or wait, still on buy or long above 2, but bear bars, tight trading range
  • Bar 8 - Opening reversal two legged pullback in a bear move at moving average, possible high of day, but low probability so swing or wait, but consecutive strong bull bars. Confusing open so low probability so swing only or wait b2 and low probability so swing only or wait sell or short 8. Probably more sideways
  • Bar 10 - One legged pullback in a bull move but bear bars and just below moving average. Low probability buy, probably sellers above, and sideways more likely than up
  • Bar 12 - Opening reversal at moving average, wedge 3 7, possible high of day, but low probability so swing or wait, but bull bars. Bear need consecutive big bear bars for swing down. Trading range day still most likely
  • Bar 15 - Fail, failure breakout low of the day, but strong bull bars, always in short, sellers above or probably sellers at the high of the bar scaling in higher, but limit order bull scalpers 10 low will probably make money so should test above 10 low. Might get 1 more push down 1st. Probably trading range day, even tho now always in short
  • Bar 16 - Breakout pullback sell or short, always in short, but strong bull bars 15, probably trading range day or trending trading range day, low probability so swing only or wait sell or short
  • Bar 18 - Parabolic wedge 10 14, but doji, better to wait for a strong bull breakout, or more buying pressure and second entry buy. Probably trading range day or trending trading range day. If trading range day, open of day will be magnet at end of day for possible doji day or doji bar
  • Bar 19 - Breakout pullback sell or short but bull bars, limit order bull scalpers making money, buy below or probably buyers at the low of the bar scaling in lower

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