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 11, 2018.

  • Bar 1 - 1 gu, big bull bar, always in long, 25% chance low of the day, but top of yesterday 4-hour trading range so possibly final flag 
  • Bar 2 - Consecutive bull bars, always in long, probably buy below or probably buyers at the low of the bar scaling in lower, but tail, close below high of yesterday, yesterday trading range is magnet below 
  • Bar 3 - Doji inside bar, breakout pullback buy or long, but tail 2 and doji so not strong buy or long 
  • Bar 4 - Fail, failure breakout high of yesterday, micro double top, limit order bear scalpers have been making money, possible high of day, but low probability so swing or wait, but every bar has tails, 4 bar bull microchannel, probably trading range open so mostly a limit order market, buy below or probably buyers at the low of the bar scaling in lower 4 and below 1 
  • Bar 5 - Micro double bottom 3 so two legged pullback in a bull move, always in long, 5 tick trap 4l, but big bars with tails, limit order market, sellers scaling in above, buyers below, both scalping, still on sell or short below 3, better to wait for a strong bull breakout, or more buying pressure and second entry buy 
  • Bar 7 - Fail, failure breakout high of yesterday second entry sell, but doji, 2 big bull bar, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 8 - One legged pullback in a bull move but big bull bar at top of weak rally 
  • Bar 10 - Bear outside bar surrounded by inside bars, close on low, second entry sell 7, possible high of day, but low probability so swing or wait, but tight trading range. Always in bulls can exit below and buy again above bull bar 
  • Bar 13 - Two legged pullback in a bull move 10, always in long bulls buy or long, but doji, top of tight trading range, limit order market, sellers scaling in above, buyers below, both scalping, better to wait 
  • Bar 18 - Wedge 11 16, probably bull leg in trading range and not in bull trend, always in bulls can exit below and buy again above bull bar, possible high of day, but low probability so swing or wait, better to wait for a strong bear breakout, or more selling pressure and second entry sell 
  • Bar 20 - Surprise bar down, at least a little more down likely, two legs sideways or down likely, sell the close and sell or short rally. Still always in long and might test 20 high before two legs down 


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