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 10, 2018.

  • Bar 1 - 1 fail, failure breakout high of yesterday, possible high of day, but low probability so swing or wait, but small bar, always in long 
  • Bar 3 - Fail, failure breakout high of yesterday but 2 bull bars, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 4 - One legged pullback in a bull move but bear bars, 4 bars with tails, limit order market, sellers scaling in above, buyers below, both scalping, low probability buy, probably sellers above, and sideways more likely than up 
  • Bar 6 - Fail, failure breakout high of yesterday second entry sell, ok sell or short for possibly high of the day, but tail, and 6 bars will tails, so might be more sideways 
  • Bar 11 - Double bottom higher low at moving average, always in long, close on high, ok swing buy or long, but 6 bar bear micro channel and tight trading range so ok to wait 
  • Bar 14 - Fail, failure breakout, final flag 10 double bottom, but doji, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 16 - One legged pullback in a bull move always in long, but many bars with tails today, now 3 bar tight trading range, not strong buy or long 
  • Bar 17 - Final flag 10. Three-legged pullback in a bear move 14, 16, but not bear bars with close near low, low probability short, probably buyers below, and sideways more likely than down, limit order market, sellers scaling in above, buyers below, both scalping, always in long, probably buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 18 - Three legged pullback in a bear move but doji, small pullback bull trend, buy below or probably buyers at the low of the bar scaling in lower, low probability short, probably buyers below, and sideways more likely than down 
  • Bar 20 - Breakout pullback buy or long, small pullback bull trend. Fail, failure breakout, but doji, buy below or probably buyers at the low of the bar scaling in lower. Third day in bull so probably transition into trading range before end of day 
  • Bar 24 - Nested wedge, third leg is smaller wedge 19, 22 and 6, 14, but small pullback bull trend, doji, buy below or probably buyers at the low of the bar scaling in lower. Buy or long for any reason, any rev down will be minor. Do not sell or short since pullback too small 



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