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 prices action in the E-mini S&P 500. This is his analysis for Wednesday, Feb. 7, 2018.

  • Bar 1 - Small bull bars at moving average, yesterday was buy or long sellers below or probably sellers at the low of the bar, should try to get above high of yesterday, but likely trading range day so probably sellers above or probably sellers at the high of the bar scaling in higher, possible early high of the day. Lots of magnets here os pross trading range day around the magnets: yesterday tight trading range, close of 2017, low of last month, top of Monday's sell climax, 60 minute 20 bar exponential moving average, 2700 big round number (like 2100, 2200).
  • Bar 3 - Fail, failure breakout high of yesterday and 60 minute 20 bar exponential moving average, but 3 bull bars, buy below or probably buyers at the low of the bar scaling in lower, probably trading range open so mostly a limit order market
  • Bar 4 - One legged pullback in a bull move, always in long, but bear bars at high of yesterday and 60 minute 20 bar exponential moving average, low probability so swing only or wait buy or long
  • Bar 10 - Fail, failure breakout high of yesterday second entry sell, possible high of day, but low probability so swing or wait, but doji, tight channel. Should get bear swing soon for transition from bull channel to probably bear leg in trading range and not in bear trend, then trading range day
  • Bar 15 - Micro double bottom, always in long
  • Bar 16 - Big bull bars, more up
  • Bar 19 - Buy the close
  • Bar 22 - Wedge 1 10, strong bear bars, possible high of day, but low probability so swing or wait, but tight channel, minor trend reversal so trading range more likely
  • Bar 23 - One legged pullback in a bull move, always in long, but doji, two legs down likely
  • Bar 26 - 20gbs, two legged pullback in a bull move 23, but tight channel so probably complex 1st leg down, sellers above or probably sellers at the high of the bar scaling in higher for bigger two legs down. 21 was reasonable buy the close so should get back there, but then possible double top. At a minimum, should get halfway to allow buy the close bulls 21 who scaled in to avoid loss
  • Bar 31 - Lower high major trend reversal, but doji, strong 30, 21 close magnet above