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 Monday, Feb. 12, 2018.

  • Bar 1 - Small gu, only 25% chance outside down bar
  • Bar 3 - Weak rally, wedge 60 77, possible high of day, but low probability so swing or wait, but bull bars. Small, trading range bars so probably trading range open so mostly a limit order market, but should close gap and maybe test close of yesterday. Big wedge so possible 2 lsd for 1st 2 hours. Bull want two legged pullback in a bull move at high of yesterday for low of the day
  • Bar 6 - Double bottom 1, fail, failure breakout below high of yesterday, pullback, but 3 bear bars, tight trading range, probably trading range open so mostly a limit order market, and down to close of yesterday
  • Bar 8 - Outside down bar, tight channel, might test close of yesterday
  • Bar 10 - 3 consecutive bear bars, probably sell the close for test close of yesterday, but brlt likely
  • Bar 12 - Opening reversal at moving average and 60 minute 20 bar exponential moving average, wedge 1 6, possible low of day, but low probability so swing or wait, but tight channel 4 so probably minor trend reversal so trading range more likely. Always in bears can exit above and sell again below bear bar, but will look to sell or short lower high major trend reversal for two legs down from wedge 60 77 3
  • Bar 14 - One legged pullback in a bear move in bear channel, but at both moving average, small bars, low probability so swing only or wait sell or short, possible tight trading range
  • Bar 20 - Lower high major trend reversal for two legs down from big wedge, wedge bear flag 13 16, but tight trading range, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 24 - Lower high major trend reversal, but tight channel, tail, early small pullback bull trend
  • Bar 27 - Wedge 14 23, but tight channel, small pullback bull trend. Probably probably bull leg in trading range and not in bull trend so probably will not continue as small pullback bull trend
  • Bar 29 - Outside up bar, gap 28 high, possible measuring gap in small pullback bull trend. Probably probably bull leg in trading range and not in bull trend, but always in long, idds favor up