E-mini S&P trends higher to close at all-time high

Brooks Price Action - 04-10-2013 Wednesday

pending chart 1995

Trend from the first bar bull, small pullback bull, double top major trend reversal, moving average gap bar trend resumption, all-time high close on cash index

  • Wednesday, April 10, 2013
  • Bar 1 - 3 day strong bull trend, just below all time high on cash. Buy or long ig bull bar, always in long, ok swing buy or long
  • Bar 2 - Fail, failure breakout, expanding triangle 52 63 so higher high major trend reversal, but doji, always in long, and strong breakout. Buyers below or buy below. At all time high in cash so possible top soon
  • Bar 3 - Breakout pullback buy or long but bear body. Always in long so ok swing
  • Bar 7 - Breakout but close at 6 high so not strong
  • Bar 8 - Low at 6 high so 7 = possible measuring gap
  • Bar 9 - Inside bar so fail, failure breakout, but bull body, tight channel, more up.
  • Bar 11 - Bull outside bar surrounded by inside bars but doji and weak channel. Ok swing or swing and maybe part scalp, but weak channel so probably will soon get big pullback
  • Bar 13 - Small expanding triangle 8 10, but 1t body and always in long. Probably buyers below or buy below
  • Bar 14 - Breakout pullback buy or long but top of weak channel, just below top of big channel. Ok swing buy or long or swing and maybe part scalp
  • Bar 18 - Another buy climax so might enter tight trading range soon. Too early to sell or short.
  • Bar 20 - Consecutive buy climax, probably exhaustion gap and then tight trading range likely for hours, then trend resumption or trend reversal late in day. Begin to look to buy low of week sell high and scalp
  • [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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