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, November 10, 2017. 

  • Bar 1 - Opened in middle 3rd of yesterday, and yesterday was big day. Possible inside day. Doji, trading range day likely. Support around 51 low and resistance at high of yesterday. Friday, so possible big move up and or down in final hour to test high, low, or open of week.
  • Bar 2 - Big bull reversal bar but middle of yesterday channel up from 51, just below moving average, after doji, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 3 - Two legged pullback in a bear move at moving average. Possible high of day, but low probability so swing or wait but after big bull bars and buy below or probably buyers at the low of the bar scaling in lower around 50% from yesterday rally. Possible limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 8 - Two legged pullback in a bull move 2, 50% pullback, possible low of day, but low probability so swing or wait, but 6 bar bear micro channel, doji, better to wait for a strong bull breakout, or more buying pressure and second entry buy. Breakout pullback sell or short, but probably buy below or probably buyers at the low of the bar scaling in lower
  • Bar 11 - Double top at moving average, good bear bars, possible high of day, but low probability so swing or wait, but strong 9 10, possible buy below or probably buyers at the low of the bar scaling in lower and below low of the day
  • Bar 14 - Wedge 2 7, possible low of day, but low probability so swing or wait, but 1 tick bull bars, ok to better to wait for a strong bull breakout, or more buying pressure and second entry buy. Breakout pullback sell or short but bull bars and limit order bull scalpers have been making money below 2 and 7
  • Bar 16 - Breakout pullback sell or short but bull bars, bottom of wedge and limit order market, sellers scaling in above, buyers below, both scalping, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 22 - Lower high at moving average, second entry sell, but middle of small day, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 25 - Breakout pullback buy or long, bull bars, but doji, close below moving average, middle of small day. No breakout open f18 bar range yet, breakout mode, bulls and bears scaling in, both swinging, but probably will remain small trading range day all day. Magnet above are 60 minute 20 bar exponential moving average, close of yesterday, high of yesterday, open of week
  • Bar 33 - Double top 3, possible high of day, but low probability so swing or wait, but tight channel, trending closes 25, buy below or probably buyers at the low of the bar scaling in lower. Should fall below 20 high so sbrm in trading range day
  • Bar 38 - Small wedge bull flag, always in long, but double top at top of trading range day. Always in long, bulls have slightly higher probably, bears have less risk. Open of week magnet above. If there is breakout, probably will be small since big bos usually come before 9 or 10 am. Probably will stay small day


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