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, Aug. 9, 2018.

  • Bar 1 - 1 doji in middle of 2-day trading range, limit order market, sellers scaling in above, buyers below, both scalping. Should test 60-minute, 20-bar exponential moving average after 6 days above it. Yesterday was one legged pullback in a bull move bull flag on daily, but bear doji so sellers above or probably sellers at the high of the bar scaling in higher high of yesterday 
  • Bar 2 - Higher low, but bear body after doji, middle of yesterday trading range, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 6 - Two-legged pullback in a bear move, close on low below moving average, price action, but tight trading range and limit order market, sellers scaling in above, buyers below, both scalping usually lasts about an hour, low probability short, probably buyers below, and sideways more likely than down 
  • Bar 7 - Fail, failure two legged pullback in a bear move, but tail, limit order market, sellers scaling in above, buyers below, both scalping, breakout mode, bulls and bears scaling in, both swinging 
  • Bar 9 - Close on high, three consecutive bull body, always in long, ok buy or long for mmu, but top of tight trading range, so possibly sellers above or probably sellers at the high of the bar scaling in higher, better to wait 
  • Bar 10 - Fail, failure breakout, but four consecutive bull body, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 11 - Foh, 5 bull body, buy the close 
  • Bar 13 - Double-top lower high of yesterday, close on low, but 6 consecutive bull body, better to wait for a strong bear breakout, or more selling pressure and second entry sell 
  • Bar 14 - One legged pullback in a bull move, always in long, small pullback bull trend, gap below 14, but 2 dojis and just below high of yesterday, possibly tight trading range. Yesterday was bear doji so low probability so swing only or wait buy or long sellers below or probably sellers at the low of the bar for one legged pullback in a bull move on daily, so probably sellers above or probably sellers at the high of the bar scaling in higher high of yesterday 
  • Bar 16 - Fail, failure breakout high of yesterday, two legged pullback in a bear move 13, possible high of the day, but low probability so swing or wait, but tight channel, minor trend reversal so trading range more likely. Yesterday had small range so possibly outside down bar today 
  • Bar 18 - One legged pullback in a bull move but 3 bear body, sellers above or probably sellers at the high of the bar scaling in higher. Might test 16 low 


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