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, March 7, 2018.

  • Bar 1 - Big bull bar, fail, failure breakout low of yesterday and 60 minute 20 bar exponential moving average, always in long, 30% chance low of the day
  • Bar 2 - Follow through, buy below or probably buyers at the low of the bar scaling in lower, might get outside up bar bar
  • Bar 3 - Opening reversal down from 60 minute 20 bar exponential moving average, but tail, strong 1 2, buy below or probably buyers at the low of the bar scaling in lower, 25% chance high of the day. Since huge 1, might get 50% pullback. Probably bull day or trading range day
  • Bar 6 - 4 bear bars, but 2 dojis, 50% pullback, always in long, one legged pullback in a bull move bull flag. Since tight trading range, might go sideways more before up.
  • Bar 10 - Close on high at top of bull flag, ok swing buy or long for new high of the day. Lower probability because of top of tight trading range at 60 minute 20 bar exponential moving average
  • Bar 12 - Two legged pullback in a bear move 3 at moving average, but always in long, bull bars, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 14 - Parabolic wedge 7 11, but always in long, tail, low probability so swing only or wait sell or short
  • Bar 16 - Two inside bars bull flag, close of yesterday magnet above, but bear want parabolic wedge and pullback to 60 minute 20 bar exponential moving average soon
  • Bar 17 - Parabolic wedge 7 11 14, but big tail, low probability short, probably buyers below, and sideways more likely than down. Might enter tight trading range
  • Bar 19 - Bear give up bar so bulls giving up, probably two legs sideways or down
  • Bar 21 - Higher low but doji, big bear bar, sellers above or probably sellers at the high of the bar scaling in higher