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 Thursday, Feb. 8, 2018.

  • Bar 1 - Yesterday is sell or short sellers below or probably sellers at the low of the bar so should trade below low of yesterday, but Tuesday was buy or long sellers below or probably sellers at the low of the bar. Trading range likely. One-legged pullback in a bear move sell or short, but probably early trading range 
  • Bar 4 - Fail, failure breakout low of yesterday but three bear bars, sellers above or probably sellers at the high of the bar scaling in higher 
  • Bar 6 - Double top 2, possible high of day, but low probability so swing or wait, ok swing but trading range likely. Bears want to spike and channel down from yesterday late selloff, but big spike up on Tuesday, so probably bull leg in trading range and not in bull trend 
  • Bar 9 - Possible triangle 1, 6, always in short, ok swing sell or short, but probably final flag 
  • Bar 14 - Fail, failure breakout possible triangle 1, 6, 8, possible final flag, fail, failure breakout low of yesterday's second pullback, but 7-bar bear microchannel, better to wait for a strong bull breakout, or more buying pressure and second entry buy. 40% chance of bear breakout and mmd 
  • Bar 15 - One legged pullback in a bear move, breakout test or bought low of yesterday, always in short, ok swing sell or short 
  • Bar 16 - Sell the close, bear breakout 
  • Bar 18 - Fail, failure breakout, bull bars, possible low of day, but low probability so swing or wait, pullback from Tuesday's strong reversal up, but doji after big bear bars, better to wait for a strong bull breakout, or more buying pressure and second entry buy 
  • Bar 20 - One legged pullback in a bear move, always in short, but third leg down so possible buy below or probably buyers at the low of the bar scaling in lower for wedge low of the day 
  • Bar 24 - Wedge 4, 18, possible low of day, but low probability so swing or wait, but minor trend reversal so trading range more likely 
  • Bar 26 - One-legged pullback in a bear move but 2 strong bull bar (big bull body, close near high), buy below or probably buyers at the low of the bar scaling in lower 


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