Daily E-mini S&P 500 analysis

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, July 11, 2018.

  • Bar 1 - 1 small gu so should test below high of yesterday within 1st high. Tails, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 2 - One legged pullback in a bull move but after big bear doji, low probability buy, probably sellers above, and sideways more likely than up. Fail, failure breakout high of yesterday but big bull bar, buy below or probably buyers at the low of the bar scaling in lower, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 3 - One legged pullback in a bull move but bear body, 3 bttr, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 4 - Bear inside bar, fail, failure breakout high of yesterday second entry sell, possible high of day, but low probability so swing or wait, but 4 bttr, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 6 - Double bottom 1, close on high, always in long, ok swing buy or long for low of the day, but tight trading range, limit order market, bad for scalping with stop entries unless using swing stop. Breakout mode, bulls and bears scaling in, both swinging 
  • Bar 11 - Wedge 2 6 8, no consecutive bull body today, bear body, possible high of day, but low probability so swing or wait, always in bulls can exit below and buy again above bull bar, but 7 bar bull microchannel, small pullback bull trend, possibly buy below or probably buyers at the low of the bar scaling in lower, not high enough probability for a scalp 
  • Bar 14 - Breakout pullback buy or long but top of wedge, limit order market, sellers scaling in above, buyers below, both scalping, not high enough probability for a scalp 
  • Bar 16 - Fail, failure breakout wedge, but 3 bull body, tail, small pullback bull trend, buy below or probably buyers at the low of the bar scaling in lower, but weak rally 
  • Bar 17 - One legged pullback in a bull move but 1 tick bull body, possibly tight trading range 
  • Bar 22 - Breakout pullback sell or short, surprise bar down, at least a little more down likely 21, possible high of day, but low probability so swing or wait, but bull body, 20gbb 
  • Bar 25 - Parabolic wedge 17 21, two inside bars, two legs down 21, moving average gap bar, higher low, but always in short, minor trend reversal so trading range more likely. Might test 20 high of the day and get a trading range


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