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 Wednesday, June 6, 2018.

  • Bar 1 - 1 small gu but bear doji. Always in long, but limit order market, sellers scaling in above, buyers below, both scalping. Small gap so odds favor close of gu in 1st hour
  • Bar 3 - Fail, failure breakout high of yesterday, possible high of day, but low probability so swing or wait, ok sell or short for test close of yesterday and close gu
  • Bar 5 - Double bottom 1, 1 tick fail, failure breakout below high of yesterday, possible low of day, but low probability so swing or wait, ok swing but only 1 good bull bar today, room to moving average and close of yesterday, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 6 - Big outside down bar, sellers below or probably sellers at the low of the bar
  • Bar 7 - Consecutive big bear bar, more down likely, always in short, but still around 50% pullback from yesterday rally. Better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 8 - Three legged pullback in a bull move 1 5, possible low of day, but low probability so swing or wait, close on high, 50% pullback from yesterday rally, but small bar after 2 big bear bar, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 9 - One legged pullback in a bear move, 5 tick trap, but consecutive bull bar, better to wait for a strong bear breakout, or more selling pressure and second entry sell, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 12 - Two legged pullback in a bear move, always in short, but 4 bull bar in 5 bars, low probability short, probably buyers below, and sideways more likely than down, trading range likely
  • Bar 14 - Two legged pullback in a bear move 9 but close above moving average, low probability so swing only or wait sell or short
  • Bar 17 - 50% pullback, wedge 1 7, close on high, almost to 18, ok buy or long for low of the day
  • Bar 18 - Consecutive big bull bar, always in long