E-mini S&P double top could be breached

Brooks price action from June 26

pending chart 1406

L4, double top above high of yesterday, expanding triangle test of low of yesterday. Might gap up tomorrow and form two-day island bottom. Strong seasonals up through July 5

  • Tuesday, June 26, 2012
  • Bar 1 - Yesterday = weak bull channel so bear flag. Tails so faders scaling in above and below
  • Bar 3 - Doji reversal bar, fail, failure breakout 72, l4 35 50 72. Ok scalp and possible swing. Better to scalp only
  • Bar 7 - Outside up bar but 6 not strong signal bar. Wait
  • Bar 8 - Double top 3, 2nd entry fail, failure breakout 72, l4. Ok sell or short for scalp and swing
  • Bar 9 - Big bear bar, close on low, always in short, more down
  • Bar 10 - Big bear bar, close on low, more down
  • Bar 11 - Bull reversal bar but only 1t tail. Sellers above
  • Bar 12 - Breakout pullback sell or short but 2 bars with tails and just above close of yesterday and in middle of yesterday trading range. Might go sideways so better to wait
  • Bar 13 - Micro double bottom but doji, always in short, and target below so probably sellers above
  • Bar 15 - Two legged pullback in a bear move sell or short but tight trading range so ok to wait, even tho more down likely
  • Bar 17 - Wedge 1 or 10 12 but only 1t body and tight trading range. Bulls want higher low and broad channel up. Tight trading range more likely, but big bar so should test 12 high where bears will try for double top. Still always in short but in middle of yesterday trading range so sideways likely
  • [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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