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, March 8, 2018.

 

  • Bar 1 - Rollover day. I trade march today because it has more volume. Gu, close on high, possible low of day, but low probability so swing or wait, but top of bull channel, low probability so swing only or wait buy or long since channel will probably convert into trading range within 1 to 2 hours 
  • Bar 2 - Fail, failure breakout high of yesterday, possible high of day, but low probability so swing or wait, but still on buy or long above 1, small bars, possibly trading range open so mostly a limit order market 
  • Bar 3 - Two legged pullback in a bull move, but small bars, three bttr 
  • Bar 5 - Fail, failure breakout high of yesterday second entry sell, top of channel, march sell or short sellers below or probably sellers at the low of the bar looks better, ok sell or short for test of moving average and bottom of channel 
  • Bar 6 - Big bear breakout, more down 
  • Bar 8 - Opening reversal up from moving average and bottom of channel, possible low of day, but low probability so swing or wait, but tail, 2 big bear bar, probably trading range open so mostly a limit order market 
  • Bar 11 - Lower high, test 5 low, close of yesterday magnet below, 
  • Bar 12 - Big bear bar, ok sell or short for test close of yesterday 
  • Bar 15 - Wedge 1, 8, good bull bars, test close of yesterday, possible low of day, but low probability so swing or wait, ok swing buy or long 
  • Bar 18 - Lower high in bear channel, but 3 bull bars, wedge, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 22 - High major trend reversal, parabolic wedge 17, 20, possible high of day, but low probability so swing or wait, but tight channel, possibly minor trend reversal so trading range more likely 


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