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 Monday, October 9, 2017.

  • Bar 1 - Bull bar, triggered buy or long signal on daily chart, but small bar, tails, 120-bar tight trading range, better to wait. Since room to moving average, limit order bull scalpers will probably buy or long 1 – 2 points below 1 and not at 1 low
  • Bar 2 - Outside down bar, fail, failure breakout high of yesterday, lower high major trend reversal, but tail, tight channel
  • Bar 3 - Consecutive bull bars, always in short, but probably brtl
  • Bar 4 - Big bear bars, still sell the close, but probably bounce soon. Bull will try to get back above high of yesterday to trigger buy or long signal again
  • Bar 6 - Opening reversal up from 15-minute 20-bar moving average plotted on a 5-minute chart, close of yesterday, 5-tick trap below 4-close so bear scalped, but 3 strong bear bars, always, in short, probably sellers above or probably sellers at the high of the bar scaling in higher. But, since might go back above high of yesterday and low of 1, bear need stop above 1
  • Bar 8 - One legged pullback in a bear move but bull bars at 15-minute 20-bar moving average plotted on a 5-minute chart and close of yesterday, tight trading range, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 11 - Two legged pullback in a bear move but tight trading range. Still always in short and might get outside down bar so OK swing sell or short
  • Bar 12 - Fail, failure two legged pullback in a bear move, opening reversal up from 15-minute 20-bar moving average plotted on a 5-minute chart, but tight trading range, always, in short, limit order market, sellers scaling in above, buyers below, both scalping. Sellers above or probably sellers at the high of the bar scaling in higher around high of yesterday, buy below or probably buyers at the low of the bar scaling in lower around low of yesterday
  • Bar 17 - Wedge 81, 6, strong bull bars, possible low of day, but low probability so swing or wait, scale in bulls starting buying around 1 low so magnet above, OK swing buy or long. Always in bears can exit above and sell again below bear bar. Should test high of yesterday since yesterday was buy signal bar on daily chart and buy or long triggered on open
  • Bar 25 - Two legged pullback in a bear move 19, 50% pullback so possible bear channel, possible possible second leg trap in a trading range in trading range day, but tight channel, high of yesterday magnet above, always in long, probably buy below or probably buyers at the low of the bar scaling in lower
  • Bar 31 - Double top 25, lower high in early bear channel, but more likely buy below or probably buyers at the low of the bar scaling in lower for closer test of high of yesterday

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