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 Friday, May 4, 2018.

  • Bar 1 - 1 gd, but above 32 high breakout point, still always in long. Doji in middle of yesterday range so probably limit order market, sellers scaling in above, buyers below, both scalping and sellers above or probably sellers at the high of the bar scaling in higher around moving average 
  • Bar 2 - Big bull bar close on high, always in long, higher low major trend reversal from Wednesday bear trend, but limit order bear scalpers above 1 and at moving average 
  • Bar 4 - 4 bar bull microchannel, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 6 - Bear outside bar surrounded by inside bars at moving average but tail, low probability short, probably buyers below, and sideways more likely than down 
  • Bar 7 - Micro double bottom, always in long, high of yesterday magnet above, but 5 bar tight trading range, doji 
  • Bar 11 - One legged pullback in a bull move, always in long, measured move target(s) above, but at 60-minute, 20-bar exponential moving average 
  • Bar 12 - Breakout, measured move target(s) above, buy the close, but parabolic wedge so tight trading range soon 
  • Bar 17 - One legged pullback in a bull move, strong bull, 2650 big round number (like 2100, 2200) magnet above, but parabolic wedge 5, 9, 13, 16, bear bars 16, always in bulls can exit below and buy again above bull bar, possibly sellers above or probably sellers at the high of the bar scaling in higher, tight trading range likely soon 
  • Bar 18 - Parabolic wedge, micro double bottom, close on low, always in bulls can exit below and buy again above bull bar, but small pullback bull trend, limit order market, sellers scaling in above, buyers below, both scalping, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 19 - One legged pullback in a bull move, small pullback bull trend, but tight trading range, low probability so swing only or wait to buy or long, probably sellers above or probably sellers at the high of the bar scaling in higher 
  • Bar 21 - Fail, failure breakout, but tight trading range, always in long, doji, low probability so swing only or wait for sell or short 

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