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, April 23, 2018.

  • Bar 2 - Consecutive bear bars, sell the close
  • Bar 7 - Lower high but 6 surprise bar up, at least a little more up likely, always in long. Scale in bears above 5 so probably pullback to 5 high and maybe 5 close since reasonable sell the close. Minor trend reversal so trading range more likely
  • Bar 10 - Micro double bottom 5 at moving average, always in long, stop below 5, but big bar, limit order market, sellers scaling in above, buyers below, both scalping, higher probability to wait for a breakout
  • Bar 12 - Two legged pullback in a bear move 7, lower high double top 1, possible high of day, but low probability so swing or wait, but above moving average, limit order market, sellers scaling in above, buyers below, both scalping, always in long
  • Bar 15 - Two legged pullback in a bull move 5 at moving average, 2 day higher low major trend reversal, always in long, possible low of day, but low probability so swing or wait
  • Bar 18 - Lower high but doji, always in long, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 22 - Fail, failure breakout at 60 minute 20 bar exponential moving average, always in bulls can exit below and buy again above bull bar, but always in long. Might get deep pullback to below 12 high breakout point, but if so, should test back to 21 close after 1 – 3 hours. Ok sell or short for test 12 high
  • Bar 24 - One legged pullback in a bull move, always in long, but better to wait for a strong bull breakout, or more buying pressure and second entry buy since still on sell or short below 22, stop above 21
  • Bar 26 - Two legged pullback in a bull move but consecutive bear bars, sellers above or probably sellers at the high of the bar scaling in higher for test 12h
  • Bar 29 - Parabolic wedge 22 25, test below 12 high, test moving average, 20 buy climax low, always in long, but tight channel minor trend reversal so trading range more likely, buy below or probably buyers at the low of the bar scaling in lower, possibly sellers above or probably sellers at the high of the bar scaling in higher, probably trading range and limit order market, sellers scaling in above, buyers below, both scalping for 1 – 3 hours, then test 21 close since deep pullback after buy the close
  • Bar 32 - Breakout pullback sell or short for test 19 low or 14 low of the day, but probably limit order market, sellers scaling in above, buyers below, both scalping