E-mini S&P targets new all-time highs

Brooks Price Action - 03-26-2013 Tuesday

pending chart 1968

Trading range day. Probably will soon go above all time high close on daily cash index, 1565.15

  • Tuesday, March 26, 2013
  • Bar 1 - Gap up, higher low major trend reversal yesterday. Bear reversal bar but small. Wait.
  • Bar 2 - Breakout pullback buy or long but 2t tail. Possible low of the day, but sideways more likely since 2 small sideways bars
  • Bar 3 - Bull breakout, consecutive bull bars, always in long, but not big bars. Wait
  • Bar 4 - Two legged pullback in a bear move sell or short, fail, failure breakout, possible high of the day, but 2t tail, tight channel 72, reports soon. Better to wait. Probably buyers below or buy below, but sideways most likely
  • Bar 6 - Wedge 1 3 but bull body and report. Wait
  • Bar 7 - Fail, failure wedge but bear body and tight trading range. Wait
  • Bar 9 - Expanding triangle 4 6 but bull body. Possible high of the day so ok swing sell or short, but tight trading range so better to wait if want higher probability
  • Bar 11 - Fail, failure breakout. Doji so not strong buy or long. Bears will exit above 11 10 or 9
  • Bar 13 - Bear reversal bar, wedge 6 9, et2, l4, big two legged pullback in a bear move yesterday 54. Ok swing sell or short or swing and maybe part scalp but might get pullback since tight trading range. Always in short below
  • Bar 15 - Bear breakout, but tight trading range so take half or all off at 2 points
  • Bar 16 - Fail, failure breakout, breakout test or bought neckline of head and shoulders bottom yesterday, moving average, but doji, always in short, so probably sellers above or sell above. Best choice = 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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