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, March 12, 2018.

  • Bar 1 - Small gu on weekly chart, bull body, yesterday tight bull channel, always in long, but 75% chance of trading range starting within 2 hours. Gap will probably close today.
  • Bar 2 - Consecutive bull bars, always in long, buy the close, but tail, probably limited up, then trading range open so mostly a limit order market, but possible low of day, but low probability so swing or wait
  • Bar 5 - Fail, failure breakout high of yesterday and 2800, close on low, possible high of day, but low probability so swing or wait, always in bulls can exit below and buy again above bull bar, but 5 bar trend from the first bar bull, so probably buy below or probably buyers at the low of the bar scaling in lower around 1 high. Limit order bear scalpers from 1 high will buy or long around 1 hour
  • Bar 9 - Double bottom 1, but doji, 4 bear bars, sellers above or probably sellers at the high of the bar scaling in higher. Big up, big down, big confusion so trading range likely. Always in short since 7 or 8
  • Bar 11 - Breakout pullback sell or short but tight trading range, buy below or probably buyers at the low of the bar scaling in lower around high of yesterday
  • Bar 12 - 11 bbl microchannel and 11 consecutive bull bars on 60 minimum or minutes so bs and pullback likely soon
  • Bar 15 - Lower low double bottom 1, gap stop open, two legged pullback in a bull move, possible low of day, but low probability so swing or wait, but doji, tight channel, high of yesterday magnet below, sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 17 - Fail, failure two legged pullback in a bull move, surprise bar down, at least a little more down likely, odds favor two legs sideways or down
  • Bar 19 - Breakout pullback sell or short, two legs sideways or down likely, but bull bars
  • Bar 22 - Two legged pullback in a bull move 18, big bull bar, but big bear bar, tight channel, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 23 - Breakout pullback sell or short but probably wedge bottom and buy below or probably buyers at the low of the bar scaling in lower. Probably trading range soon and might last 2 hours. In buy zone. Unlikely to get more than 1 – 3 bar pullback on 60min after 11 bull bars microchannel