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 16, 2017.

  • Bar 1 - Bull bars, new all-time high, but tail, top of 7-day wedge bull channel. Measured move target 2559.50 on daily
  • Bar 2 - Breakout pullback buy or long, always in long, but bear bars, sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 5 - Fail, failure breakout high of yesterday, possible outside down bar day, but magnet above, 6 bar bull microchannel. 25% chance high of the day
  • Bar 11 - Consecutive bear bars, always in short, but big tail 60-minute 20-bar exponential moving average and close of yesterday, 18 ticks below 5, might test low of 1 for scale in bulls, might go sideways for 1 – 2 high in tight trading range
  • Bar 16 - Micro double bottom at 60-minute 20-bar exponential moving average, Wedge 1, 11, even tho db11, close on high, always in bears can exit above and sell again below bear bar, possible low of day, but low probability so swing or wait, but minor trend reversal so trading range more likely, always in short. Probably trading range soon. Bear want outside down bar
  • Bar 21 - Two legged pullback in a bear move 17 just below moving average, bear bars, OK two legged pullback in a bear move swing sell or short but tight trading range, buy below or probably buyers at the low of the bar scaling in lower, 1 tick bear bars. Many bll will exit below two legged pullback in a bear move since still always in short, but 50% chance buy below or probably buyers at the low of the bar scaling in lower and test open of day so OK swing buy or long
  • Bar 26 - Fail, failure breakout double top 17, 21, but always in long, tight trading range, breakout mode, bulls and bears scaling in, both swinging
  • Bar 31 - Outside down bar, 4 consecutive bear bars, might be always in long, but probably buy below or probably buyers at the low of the bar scaling in lower low of the day and low of yesterday since small bars with prominent tails all day
  • Bar 35 - Wedge 1, 16, possible low of the day, but low probability so swing or wait, OK swing buy or long, always in bears can exit above and sell again below bear bar, but minor trend reversal so trading range more likely. Still might go below low of yesterday for outside down bar, but probably buy below or probably buyers at the low of the bar scaling in lower and not big bear day
  • Bar 41 - Lower high in bear channel, 5-tick trap, always in short, but the 8-bar bull micro channel, probably buy below or probably buyers at the low of the bar scaling in lower and below low of the day and low of yesterday. Trading range likely for test 24-lower high, and probably close of day around open of day for doji day or doji bar
  • Bar 53 - Double top lower high 24, bear three inside bars in a row, but probably buy below or probably buyers at the low of the bar scaling in lower around 45-low and more trading range

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