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, May 3, 2018.

  • Bar 1 - 1 gd, big bear bar, always in short, but sell climax, far below moving average, odds favor the bounce to near moving average within 1st hour. Room down to low of last week and 2600 big round number (like 2100, 2200), magnet below 
  • Bar 4 - Fail, failure breakout low of yesterday, sell climax, close on high, possible low of day, but low probability so swing or wait, ok buy or long, always in bears can exit above and sell again below bear bar. Bull might need micro double bottom 
  • Bar 7 - Double top 1, ok swing sell or short but far below moving average and 3 bull bars so probably always in long 
  • Bar 10 - Breakout to new low of the day, always in short, sell the close, double top mmtgb, 2600 big round number (like 2100, 2200) magnet below, but might get double bottom 
  • Bar 15 - Sell climax, mmd from yesterday range, 2600 big round number (like 2100, 2200), but only doji, ticks fell below -1000 so probably will get new low of the day, sellers above or probably sellers at the high of the bar scaling in higher, better to wait for a strong bull breakout, or more buying pressure and second entry buy 
  • Bar 16 - One legged pullback in a bear move but sell climax, bull bars, probably buy below or probably buyers at the low of the bar scaling in lower low of the day and sideways 
  • Bar 18 - Parabolic wedge 3 14, two-legged pullback in a bull move 15, sell climax, 2600 big round number (like 2100, 2200), mmd, possible low of day, but low probability so swing or wait, reversal bar but bear bars. Probably pause in selling, possibly reversal day, but trading range more likely 
  • Bar 22 - Double top 16, always in short, but 5 bar bull microchannel, trading range likely 
  • Bar 25 - Higher low, minor trend reversal so trading range more likely, 3 bear bars, always in short, middle of trading range, better to wait for a strong bull breakout, or more buying pressure and second entry buy, possibly sellers above or probably sellers at the high of the bar scaling in higher 
  • Bar 26 - Breakout pullback sell or short, but always in long, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 27 - Two legged pullback in a bull move, higher low major trend reversal, but might be too few bars and minor trend reversal so trading range more likely 


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