E-mini S&P spike sets up for test of April high

Brooks Price Action - 10-03-2012 Wednesday

pending chart 1559

Spike and channel bull, then trading range day. Should test April high soon.

  • Wednesday, October 3, 2012
  • Bar 1 - Yesterday = 15 bar microchannel so buy or long. Big wedge bottom so should get 2nd leg up after pullback. Don't buy or long here. Bear bar and 2t tail. Should go lower, maybe to moving average
  • Bar 2 - Big bear bar, close on low, room to moving average, more down. Always in short
  • Bar 3 - Close on low, more down
  • Bar 4 - Small bar, sellers above
  • Bar 6 - Two legged pullback in a bull move, or at moving average, but report, tight channel, 1t body, always in short so sellers above
  • Bar 8 - Bull outside bar surrounded by inside bars so two legged pullback in a bull move, higher low from wedge, ok swing buy or long
  • Bar 9 - Strong bull bar, more up, always in long
  • Bar 10 - Huge bull bar but top of trading range so might get pullback
  • Bar 12 - One legged pullback in a bull move at top of trading range so don't buy or long. Probably sellers above. If buy or long, need to be able to scale in lower, but stop below 8 so better to wait and buy or long lower
  • Bar 18 - Bull inside bar, wedge 11 13, always in long, ok swing buy or long
  • Bar 20 - Strong bull bar, 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.

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