E-mini S&P sees double-top on daily chart

Brooks Price Action - 08-23-2012 Thursday

pending chart 1520

Gap, double top bear flag, bear trending trading range day. Might be double top on daily chart.

  • Thursday, August 23, 2012
  • Bar 1 - Yesterday was trading range day. Gap down, bear body, but near low of yesterday and trading range low. Ok swing, but ok to wait
  • Bar 2 - Doji reversal bar, double bottom 54, but 1 close near low so probably sellers above. Missed 60 minimum or minutes trendline by 2t so should go down more
  • Bar 3 - Breakout pullback sell or short but strong bull bar and near low of yesterday. Swing only or wait
  • Bar 4 - Big bear bar, close near low. Always in short but might go sideways
  • Bar 5 - Bear body so follow through and probably more down. Two legged pullback in a bull move but too many bear bars. Don't buy or long
  • Bar 6 - More breakout but another bar with tails. Not strong selloff so probably bear leg in trading range
  • Bar 7 - Bull inside bar, two legged pullback in a bull move, low of yesterday, but tight channel. Probably sellers above and below. Weak channel so ok to not sell or short below
  • Bar 8 - Breakout pullback sell or short, fail, failure two legged pullback in a bull move, but doji. Not strong sell or short
  • Bar 9 - Big bear bar but tail and at measured move from 55 so might be sell vacuum and not strong bear. Wait
  • Bar 10 - Inside bar, 4 day wedge bull flag, wedge 2, 6, 2nd reversal up from low of yesterday, but bear body so better to wait, but might be low of the day. If so, should get test back down within about 10 bars. Might get one more push up on 60 minimum or minutes to lower high major trend reversal. Daily chart more likely short term top than much more up. Should get about 50 profit target pullback, but maybe more, like test of June bottom of channel around 1300. Still always in long but looks like might be topping on daily with double top
  • Bar 11 - Strong bull bar. Probably more up
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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