E-mini S&P hovers around record high

Brooks Price Action - 03-28-2013 Thursday

pending chart 1978

Fail, failure breakout above cash index highest daily close, second entry sell high of yesterday, fail, failure lower high major trend reversal

  • Thursday, March 28, 2013
  • Bar 1 - Big bull bar but test of high of yesterday. Wait. Cash index all time high close is around emini 1559.25 so magnet all day
  • Bar 2 - Big bear reversal bar, high of yesterday, ok swing sell or short, but overlap and missed all time high close on cash daily by about 0.1 so sideways likely
  • Bar 3 - Bear breakout but still in yesterday tight trading range. Always in short but might get or up and hit target on cash index just above high of the day. Wait
  • Bar 4 - Strong bull bar, or, swing buy or long. Still on swing sell or short from below 2, so sideways most likely
  • Bar 9 - Lower high major trend reversal but only 1 close below moving average all day. Still always in long, target above
  • Bar 13 - Finally breakout above cash daily all time high close, but weak breakout. Weak rally since yesterday 45 so might become trading range
  • Bar 16 - Bear reversal bar, second entry sell high of yesterday, but 4 bar tight trading range and tight channel so lp. Better to wait since probably buyers below or buy below. Still always in long
  • Bar 17 - Breakout pullback buy or long, fail, failure top, ok swing buy or long
  • Bar 18 - Breakout so buy climax. Ok to exit longs. 18t above 9
  • Bar 19 - Inside bar so breakout pullback buy or long but doji and after buy climax so better to wait. Fail, failure breakout but doji and tight channel so weak sell or short. Wait
  • Bar 21 - One legged pullback in a bull move but buy climax and probably tight trading range so better to buy or long below bars, or use swing stop. No reliable top so don�t sell or short yet
  • [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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