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 Tuesday, May 22, 2018.

  • Bar 1 - 1 breakout above yesterday possible triangle, trend resumption up, but small bull bar just below resistance at high of last week. Always in long, 25% chance low of the day 
  • Bar 2 - Fail, failure breakout high of yesterday and high of last week, three-day wedge top, higher high major trend reversal, but doji, limit order market, sellers scaling in above, buyers below, both scalping. Since last week was small, this week might be outside down bar 
  • Bar 5 - Breakout pullback sell or short but doji, tight trading range, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 7 - Breakout pullback buy or long, micro double bottom 4, two-legged pullback in a bull move 1, possible low of day, but low probability so swing or wait, ok swing buy or long since good buy or long sellers below or probably sellers at the low of the bar, but tight trading range just below resistance 
  • Bar 9 - Surprise bar down, at least a little more down likely, more down, but possibly possible second leg trap in a trading range 
  • Bar 10 - Possible second leg trap in a trading range but bear bar, sellers above or probably sellers at the high of the bar scaling in higher. One legged pullback in a bear move but bull bar, at close of yesterday support, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 12 - Wedge 1, 4, 10, 12, test close of yesterday, 50% pullback from yesterday higher low, but bear bar, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 15 - Two legged pullback in a bear move 11, close just below moving average, always in short, ok swing sell or short, but ok to scalps since no clear trend 
  • Bar 17 - Big reversal up from below 60 minimum or 60-minute bear reversal, consecutive bottoms, possible low of day, but low probability so swing or wait, but better to wait for a strong bull breakout, or more buying pressure and second entry buy 
  • Bar 19 - Big bull bar, always in long, reversal up from bottom of the 18-bar range, but top of tight trading range so big risk and low probability, ok to wait for bull breakout 
  • Bar 24 - Lower high major trend reversal after two higher-high major trend reversal and wedge top, close on low, possible high of day, but low probability so swing or wait, but a 9-bar bull microchannel, minor trend reversal so trading range more likely, better to wait for a strong bear breakout, or more selling pressure and second entry sell 



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