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 Wednesday, December 6, 2017.

  • Bar 1 - Bull bars, fail, failure breakout low of yesterday, but tail. Possible low of day, but low probability so swing or wait, should test monday low, ok buy or long but possible early trading range
  • Bar 2 - Big bull bars, buy the close, but just below moving average, yesterday tight channel, minor trend reversal so trading range more likely
  • Bar 3 - Double top 78, but 3 bull bars, buy below or probably buyers at the low of the bar scaling in lower, always in long
  • Bar 5 - Micro double bottom but 2 big bear bars, probably trading range
  • Bar 8 - Two legged pullback in a bear move at moving average, but doji, trading range open so mostly a limit order market
  • Bar 12 - Double bottom higher low major trend reversal, possible low of day, but low probability so swing or wait, but 3 bear bars, probably more sideways
  • Bar 15 - Lower low major trend reversal, fail, failure breakout double bottom, two bar reversal, possible low of day, but low probability so swing or wait, ok swing buy or long
  • Bar 17 - Breakout, follow through, always in long, two legs sideways or up likely, should test monday’s low and 60 minute 20 bar exponential moving average today, but possible trading range 1st
  • Bar 19 - Fail, failure breakout, but 4 strong bbr, buy below or probably buyers at the low of the bar scaling in lower. Possible probably bull leg in trading range and not in bull trend so possible deep pullback. More likely, will test 60 minute 20 bar exponential moving average at some point today
  • Bar 21 - Expanding triangle 3 7, fail, failure breakout, moving average gap bar, but strong breakout, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 23 - Fail, failure breakout 7 high of the day second entry sell, limit order bear scalpers have been making money, but bull bars. Might get deep pullback and trading range

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