Bulls take control of E-mini S&P

Brooks Price Action - 01-22-2013 Tuesday

pending chart 1804

Or, small pullback bull, measured move from Jan. 2 gap

  • Tuesday, January 22, 2013
  • Bar 1 - Yesterday ended with bull channel. Small bull bar so trading range bar and buyers below and sellers above, at resistance = high of yesterday. Blue line = measured move based on 1/17 gap up on daily chart so magnet and should get there, but maybe not today
  • Bar 2 - Double top 78hoy but 2 bull bodies. Possible high of the day but sideways more likely since weak signal bar and not much selling pressure
  • Bar 4 - Two bar reversal but report, big bear bar, and at resistance = high of yesterday so better to wait
  • Bar 5 - Bear reversal bar, fail, failure breakout high of yesterday and double top, ok swing sell or short. Report so better to wait at least a few seconds
  • Bar 7 - Big bear bar, always in short
  • Bar 8 - Bull inside bar, two legged pullback in a bull move 4, but not strong enough to erase 7 so more down, probably to yesterday tight trading range 70 or 60 minute 20-bar exponential moving average. Sellers above and probably signal bar. Swing only since strong bears usually do not have bull follow through, so probably bear leg in trading range
  • Bar 11 - Bull inside bar, wedge 3 7 but doji and 7 bar microchannel, target below. Wait or swing sell or short. Weak follow through again so not bear trend
  • Bar 13 - Wedge 7 9, 17t fail, failure, double bottom 70 tight trading range. Should bounce and enter trading range. Wait for second entry buy
  • Bar 17 - Follow through from 15 breakout so probably always in long. Might get lower high major trend reversal on pullback
  • Bar 18 - Double top 8 top of wedge an at moving average, just became always in long so buyers below
  • Bar 20 - Big two bar revresal but middle of trading range so swing only or wait
  • [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.

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