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, April 18, 2018.

  • Bar 1 - Breakout high of yesterday but 3 day bull channel so odds favor transition into trading range or bear day, low probability so swing only or wait buy or long
  • Bar 2 - Wedge 24 74, fail, failure breakout high of yesterday, huge outside down bar, always in short, but trading range open so mostly a limit order market
  • Bar 3 - Two legged pullback in a bull move but tail, bbr 2, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 5 - Fail, failure breakout high of yesterday second entry sell, close on low, ok swing sell or short for test close of yesterday
  • Bar 7 - Entry bar, always in short
  • Bar 10 - Two legged pullback in a bull move 3, possible low of day, but low probability so swing or wait, always in bears can exit above and sell again below bear bar, near end of 1st hour and bull want big tail on bottom of 60 minimum or minutes bar. Still always in short scale in bulls need to get above 2 low to keep as trading range day
  • Bar 11 - Consecutive strong bull bars, odds favor higher
  • Bar 12 - 3 bull bars, always in long, but trading range more likely than bull. Big down, big up, big confusion so trading range likely
  • Bar 16 - Higher high double top 5, but 7 bull bars, always in long, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 18 - Outside bar surrounded by inside bars one legged pullback in a bull move, always in long, but near high of the day, buy climax, probably pullback soon. No top yet
  • Bar 23 - One legged pullback in a bull move, ok buy or long, but probably scalp and trading range soon