E-mini S&P sets up to test April high

Brooks Price Action - 10-02-2012 Tuesday

pending chart 1558

Broad bear channel, trending trading range day, wedge bottom and lower low major trend reversal. Should test April high soon.

  • Tuesday, October 2, 2012
  • Bar 1 - Yesterday = bear channel = bull flad. Bull bar but tails. Might be buyers at support and/or resistance = moving average
  • Bar 2 - Two bar revresal but tail. Trading range pa
  • Bar 3 - 2nd bear bar, always in short, sellers above, should hut moving average
  • Bar 7 - Big bear bar, close on low, might be sell vacuum test of 60 minute 20 bar exponential moving average and 5 minimum or minutes moving average. Big pullback from gap up breakout above bull flag
  • Bar 8 - Strong bull reversal bar, or, two legged pullback in a bull move 3, ok swing buy or long, but better to wait since most bars today = trading range bars. Ok swing buy or long for or and low of the day, but maybe only 40%. Higher probability to wait so see if becomes clearly always in long. Still targets below low of yesterday so magnets below
  • Bar 9 - Breakout pullback sell or short but doji and still on 8 buy or long for low of the day swing
  • Bar 11 - Breakout but small. Traders buying for swing
  • Bar 12 - Another bull bar. Probably always in long, but weak rally so probably trading range
  • Bar 13 - Another breakout but tail and double top 4 so might get pullback
  • Bar 14 - Bear reversal bar, double top 4, two legged pullback in a bear move, but always in long and 16t fail, failure so more up. Might pullback first. Trading range pa so better to scalp most or even all, but ok to hold small swing buy or long. Look to buy or long pullback, maybe around moving average. Always in long as long as stays above 8 or 10 low
  • Bar 17 - Big bear bar, close on low, probably always in short so more down
  • [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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