E-mini S&P resumes bull trend after hitting 5-year high

Brooks Price Action - 01-04-2013 Friday

pending chart 1751

Trend resumption bull, new 5 year high

  • Friday, January 4, 2013
  • Bar 1 - Yesterday ended with spike and channel bear. Bear bar, close on high, so buyers below since unusual for bar on daily chart to open exactly on its high
  • Bar 2 - Or but bear signal bar. Target above = high of 1 so don't sell or short. Today is fri and bulls want show of strength, which is a close above blue line = high of last year. If get above high of yesterday and then reverse, then large expanding triangle with 78 from 2 days ago
  • Bar 4 - L4 76 79 1with doji signal bar, double top 57, but report soon so better to wait. Bears want head and shoulders top with 78 2 days ago as left shoulder
  • Bar 6 - Two legged pullback in a bear move 4, right shoulder, weak rally, but bull body so sideways more likely
  • Bar 9 - Fail, failure bear breakout but 2nd leg down likely after l4 and weak rally. Sellers above. Wait
  • Bar 12 - Lower high, start of 2nd leg sideways to down but doji and tight trading range with lots of big tails and reversals so lp. Difficult to manage and ok to wait
  • Bar 16 - Two legged pullback in a bull move 8, higher low major trend reversal, two bar revresal but 3 big bear bars so sellers above for scalp
  • Bar 17 - Fail, failure two legged pullback in a bull move, breakout pullback sell or short but two bar revresal 16 so sideways likely. Wait
  • Bar 18 - Pullback from 16 two legged pullback in a bull move, but bear body. Better to wait
  • Bar 24 - Two legged pullback in a bear move but tight channel and weak signal bar. Probably more up. Target = high of yesterday and high of last year
  • Bar 25 - Breakout, close on high, probably more up. Bulls will try for measuring gap
  • [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.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.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome