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, possibly trend from the first bar bull, but 8 day rally in trading range so increased chance of pullback today or tomorrow. 50% oc strong moves up and or down on open reverse.
  • Bar 2 - Fail, failure breakout high of yesterday, possible high of day, but low probability so swing or wait, ok sell or short, but better to wait for a strong bear breakout, or more selling pressure and second entry sell. One legged pullback in a bull move, always in long, but bear bars
  • Bar 3 - Outside up bar, always in long, buy the close, but probably probably bull leg in trading range and not in bull trend
  • Bar 6 - Fail, failure breakout high of yesterday second entry sell, close on low, possible high of day, but low probability so swing or wait, ok swing sell or short, but 3 bull bars, trading range open so mostly a limit order market likely
  • Bar 8 - Double bottom 3, always in long, but 3 bear bars, limit order market, sellers scaling in above, buyers below, both scalping, trading range open so mostly a limit order market
  • Bar 14 - Wedge 1 5, close on low, 3rd bear bars today with close on low, odds are new low of the day at some point today, possible high of day, but low probability so swing or wait, but 7 bar bull micro channel, better to wait for a strong bear breakout, or more selling pressure and second entry sell, might need 1 more new high to wedge 5 14
  • Bar 16 - Close on low, more down, but still always in long.
  • Bar 19 - Double bottom 8 higher low, 20 gap bar buy or long, always in long, 17 tick, no close below moving average, but 3 consecutive bear bars, minor trend reversal so trading range more likely up, sellers above or probably sellers at the high of the bar scaling in higher around 14 low and 5 high
  • Bar 23 - Lower high major trend reversal, but no close below moving average, not high enough probability for a scalp, possible triangle 1 8 19
  • Bar 26 - Bear two inside bars, should fall below 24 since 60 minimum or minutes bear reversal bar and sell or short sellers below or probably sellers at the low of the bar, possibly mmd
  • Bar 29 - Two legged pullback in a bull move 19, fail, failure breakout low of the day, gu still open, possible low of day, but low probability so swing or wait, ok buy or long but trading range day, still might test close of yesterday