E-mini S&P has 11 consecutive bulls bars on weekly chart

Al Brooks Price Action from Friday, March 23.

pending chart 1304

Weekly chart has had 11 consecutive bull bars and that has never happened before in the Emini.

  • Friday, March 23, 2012
  • Bar 1 - Yesterday = trading range day. 81 = two legged pullback in a bear move short setup but strong leg up from 71 so might get higher low major trend reversal. Tail, so probably buyers scaling in below. Should close below pink line at 139775 since that was the open of week and es has never had 12 consec bull bars on weekly chart (never had 11 and i think never even 10)
  • Bar 2 - Another tail and higher low attempt likely so buyers scaling in below
  • Bar 3 - 3rd bear bar, but buyers so should bounce. Two legged pullback in a bull move 79. Trend from the first bar bear so sellers will scale in above
  • Bar 6 - Strong bear bar, fail, failure two legged pullback in a bull move. Ok short but report so have today/tick make quick decisions
  • Bar 7 - Big bear bar. Probably always in short. Bears selling this bar and close with stop above
  • Bar 8 - Big bear bar, more down. Might be sell vacuum test low of yesterday
  • Bar 9 - Fail, failure breakout low of yesterday, bull reversal bar but 1t body. Maybe 30% chance low of the day. Should get 2nd push down after strong bear breakout. Might be room for scalp up but better to look to short rally since always in short
  • Bar 11 - One legged pullback in a bear move short but bigger bull body, 3 bars up, good buying pressure so increasing chance of low of the day. Probably better to wait for more complex short like two legged pullback in a bear move near moving average.
  • Bar 12 - Bear inside bar but 3 good bull bars after or. Probably buyers below and therefore above
  • Bar 13 - Breakout pullback buy, but close to moving average
  • Bar 15 - Moving average, two legged pullback in a bear move, but doji and tight channel so buyers below. Traders starting to see as always in long. Might not be enough room for scalp up so better to wait. Probably trading range most likely since in middle of yesterday trading range and had bdbu today
  • [more Bar-by-Bar Analysis in the Forums at www.brookspriceaction.com]
About the Author
Al Brooks

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.

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