E-mini S&P trends bullish, but weakly

Brooks Price Action - 06-19-2012 TuesdayTuesday

pending chart 1401

Gap, trend from the first bar bull

  • Tuesday, June 19, 2012
  • Bar 1 - Yesterday = weak bull channel. Gap but small bar and tails so trading range. Buyers below, sellers above
  • Bar 4 - Two bar revresal, close on high, ok buy or long for scalp and maybe swing
  • Bar 6 - 3 bars up. Traders buying closes, but small bars so less reliable. Might be spb bull trend day
  • Bar 8 - Bear reversal bar but trend from the first bar so buyers below and above
  • Bar 9 - Big bar so measuring gap or exhaustion gap. Exhaustion gap more likely
  • Bar 11 - Bear reversal bar, one bar final flag, but buyers below and trading range likely
  • Bar 12 - Another tail on top so probably microwedge and sellers above
  • Bar 13 - Spike up to 6 then 2 more pushes up 10 13. Should get pullback but better to buy or long pullback than to sell or short below since 1st pullback will probably be breakout test or bought. Bears are selling above bars, but not for beginners
  • Bar 14 - Breakout pullback buy or long but 2 bear bars so lower probability. Ok swing but probably not strong scalp
  • Bar 16 - Two bar revresal, double bottom 8, ok buy or long for scalp and swing since trend from the first bar bull trend = strong, and possible spb trend day (but low probability, since rare)
  • Bar 19 - Outside down bar but 2 bull bars and still bull trend day so sideways to down and small trading range likely. Better to buy or long pullbacks than to sell or short
  • [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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