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 24, 2018.

  • Bar 1 - 1-big bull bar at moving average, always in long, ok buy or long but yesterday ended with wedge so trading range likely. Possibly sellers above or probably sellers at the high of the bar scaling in higher. Yesterday was buy or long sellers below or probably sellers at the low of the bar on daily, but big bar at top of tight trading range so low probability so swing only or wait buy above or probably buyers at the high of the bar high of yesterday 
  • Bar 2 - Consecutive bull bar, always in long, but at top of yesterday wedge so trading range likely. Consecutive bull bar, but better to wait since test of 62 low likely in 1st hour 
  • Bar 3 - Huge outside down bar, always in short, more down likely, but buy below or probably buyers at the low of the bar scaling in lower around 62 low at bottom of wedge 
  • Bar 4 - Follow through, more down 
  • Bar 7 - Sell climax, micro triple bottom, bull bar, always in bears can exit above and sell again below bear bar, ok swing buy or long since possible low of day, but low probability so swing or wait, might be inside day 
  • Bar 9 - One legged pullback in a bear move, always in short, close on low, ok sell or short but probably trading range 
  • Bar 11 - Bear inside bar close on low, sellers below or probably sellers at the low of the bar 
  • Bar 14 - Two bar reversal from just above low of yesterday so inside day so far, wedge 62, 6, parabolic wedge 1 6, close on high, always in bears can exit above and sell again below bear bar, possible low of day, but low probability so swing or wait so ok swing buy or long, but 5 bear bar, minor trend reversal so trading range more likely 
  • Bar 15 - Breakout pullback sell or short, close on low, always in short, always in short bears sell or short, bull exit, but still inside day so probably buy below or probably buyers at the low of the bar scaling in lower above low of yesterday 
  • Bar 17 - Bear inside bar, close on low, one legged pullback in a bear move sell or short, but possibly buy below or probably buyers at the low of the bar scaling in lower around low of yesterday 
  • Bar 19 - Big bull bar, 1 tick fail, failure breakout below 18 bar range, fail, failure breakout low of yesterday, wedge 6, 13, always in bears can exit above and sell again below bear bar, ok buy or long but big bar so less risk to wait for second entry buy 


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