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 Thursday, October 19, 2017.

  • Bar 1 - Big gd, big bar, but bull bars, bars down big up, big down, big confusion so trading range likely, probably a low of today of trading range trading today
  • Bar 2 - Breakout pullback sell or short, possible high of day, but low probability so swing or wait, OK swing sell or short
  • Bar 9 - Parabolic Wedge 1, 3, 5, 6, limit order bull scalpers made money below 1, 3, 5, probably trading range and test moving average and open of day for 60 minimum or minutes doji
  • Bar 10 - Consecutive strong bull bars, all, but big down, big up, big confusion so trading range likely
  • Bar 12 - 60 minimum or minutes bar is big doji, probably trading range day, and possible 1 is high of the day and 9 is low of the day
  • Bar 13 - Small parabolic wedge near moving average, limit order bull scalpers from 8-high should make money. Always in long, buy below or probably buyers at the low of the bar scaling in lower and around 8h. Probably trading range for next few hours
  • Bar 19 - Double top lower high 1 at open of week, possible second leg trap in a trading range, but probably buy below or probably buyers at the low of the bar scaling in lower since room to open of day. Probably trading range. Might test 14 low, but more likely tight trading range since limit order bear scalpers not yet making money, plus room to high of the day, open of week, 60-minute 20-bar exponential moving average
  • Bar 28 - Possible triangle, always in long, but tight trading range, need stop below 14 since might get deep pullback in big trading range
  • Bar 32 - Fail, failure breakout, always in long, OK buy or long
  • Bar 37 - Dt1 but 5 bull bars, always in long, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 39 - Breakout pullback buy or long, always in long, but 2 big bear bars so possible sellers above or probably sellers at the high of the bar scaling in higher and more sideways

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