E-mini S&P rises in broad bull channel

Brooks Price Action - 01-29-2013 Tuesday

pending chart 1833

Double bottom at 60 minute 20 bar exponential moving average, spike and channel bull, small pullback bull

  • Tuesday, January 29, 2013
  • Bar 1 - Yesterday = trading range day. Big bull bar at 60 minute 20 bar exponential moving average and bottom of trading range so always in long. Tails so buyers below sellers above. Wait
  • Bar 2 - Bear inside bar so fail, failure breakout but at 60 moving average and after big bull body at bottom of trading range so buyers below
  • Bar 4 - Bull outside bar surrounded by inside bars, h272, but just below moving average. Better to wait for 7 report, or swing buy or long
  • Bar 5 - Big bull bar at top of trading range. Wait for report
  • Bar 6 - Bear reversal bar, but report. Wait
  • Bar 7 - Big bear bar, close on low, more down
  • Bar 8 - Bear breakout, probably always in long but need one more bar after breakout. Double bottom 1 but bear bar
  • Bar 9 - Two bar revresal but 3 big bear bars. Wait
  • Bar 10 - No tails, more up, but still in trading range
  • Bar 11 - Big bull bar, always in long, but top of trading range. Wait
  • Bar 12 - Big bear inside bar, double top 6, wait for smaller bars. Probably always in long, but might get two legged pullback in a bull move above moving average to buy or long in about 5 bars.
  • [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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