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 Tuesday, April 24, 2018.

 

  • Bar 1 - 1 gu but not above high of yesterday. Big bear bar, possible high of day, but low probability so swing or wait, but at 60-minute, 20-bar exponential moving average and close of last year, probably sideways 
  • Bar 2 - Opening reversal up from 60-minute, 20-bar exponential moving average, but doji so not bull bars. Always in short, but just above 60-minute, 20-bar exponential moving average, trading range open so mostly a limit order market, limit order market, sellers scaling in above, buyers below, both scalping, better to wait 
  • Bar 4 - Fail, failure breakout high of yesterday second entry sell, two-day expanding triangle top, but bull body. Possible high of the day, but low probability so swing or wait, but low probability so swing only or wait, especially since tight channel 66 
  • Bar 5 - Bbr, always in short, but needs follow through, else possibly two legged pullback in a bull move 
  • Bar 6 - Two legged pullback in a bull move at 79 high and moving average, possible low of the day, but low probability so swing or wait, ok swing buy or long 
  • Bar 7 - Big entry bar, always in long, but possibly top of the trading range 
  • Bar 8 - Bad follow through, but probably buy below or probably buyers at the low of the bar scaling in lower. Always in bulls can exit below and buy again above the bull bar, double-top lower high, possible high of the day, but low probability so swing or wait, ok swing sell or short 
  • Bar 9 - Big bear bar, more down 
  • Bar 12 - One legged pullback in a bear move, but bbl, sell climax, possibly buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 14 - Wedge 2, 6, micro double bottom, the pullback from rally from 66, possible low of the day, but low probability so swing or wait, but tight channel, minor trend reversal so trading range more likely 
  • Bar 17 - Double-top 12, body gap, always in short, ok swing but probably trading range soon. Bear want outside down bar day 


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