Weak price action in E-mini on Monday

March 15, 2016 08:57 AM

The S&P500 E-mini’s dominant price action feature on Monday was the weak broad bull channel. 

  • Monday, March 14, 2016
  • Bar 1 - Small bull doji, yesterday trading range price action, limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 3 - Opening reversal at moving average, minor trend reversal so trading range more likely, but possible high of the day. Ok swing, but probably mostly trading range
  • Bar 4 - Gap, always in short
  • Bar 7 - Double bottom 52, possible low of the day, but 4 bear bars so probably minor trend reversal so trading range more likely and sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 10 - Breakout pullback sell or short, but doji, 4 bars up, trading range price action, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 14 - Two legged pullback in a bear move but tight channel, limit order market, sellers scaling in above, buyers below, both scalping, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 16 - Lower high major trend reversal, wedge 10 13, but strong enough breakout so buy below or probably buyers at the low of the bar scaling in lower. Since trading range, need wide stop, maybe below 12 or 7
  • Bar 20 - Double bottom 15, always in long, but 4 bars down, probably sellers above or probably sellers at the high of the bar scaling in higher and more sideways. Limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 23 - Double top 16 but buy below or probably buyers at the low of the bar scaling in lower since always in long, 2 strong bull bars above moving average
  • Bar 26 - Double bottom higher low 20, possible triangle, but limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 28 - Possible triangle, always in long, but breakout mode, bulls and bears scaling in, both swinging so swing or wait
About the Author

Al Brooks, M.D., is author of the Brooks Trading Course (27 hours of videos at BrooksTradingCourse.com), several books on Price action (Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader, Wiley, 2009, and the 500,000 word, three-book series, Trading Price Action, Wiley, 2012), and numerous articles in Futures Magazine. He also provides live intraday E-mini price action analysis and free end-of-day analysis on www.brookspriceaction.com.