Daily Price Action: 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 Friday, Aug. 24, 2018.

  • Bar 1 - 1 breakout above yesterday double bottom, bull body, always in long, but doji, possibly limit order market, sellers scaling in above, buyers below, both scalping might have to wait until closer to moving average before stop entry 
  • Bar 2 - Consecutive bull body, always in long, close on high, but small bars, top of the 3-day trading range, low probability buy, probably sellers above, and sideways more likely than up 
  • Bar 3 - Fail, failure breakout neckline of double bottom, close on low, possible high of the day, but low probability so swing or wait but 3 bttr, small bars, probably limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 4 - Two-legged pullback in a bull move, but bear doji, still on sell or short below 3, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 8 - Final flag but tail, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 12 - 3 consecutive bull body, buying pressure, possibly bull breakout and new all-time high 
  • Bar 13 - Surprise bar up, at least a little more up likely 
  • Bar 14 - Surprise bar up, at least a little more up likely 
  • Bar 15 - Pause, possibly parabolic wedge 12, 14 
  • Bar 16 - Parabolic wedge, but 7 bull body, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 18 - Consecutive bear body, close on low, expanding triangle top, 3-day expanding triangle top, always in bulls can exit below and buy again above bull bar 


More bar-by-bar analysis, daily webinar and trading course info can be found here and also here