E-mini S&P moves big on erroneous news

Brooks Price Action - 04-23-2013 Tuesday

pending chart 2024

Trend from the first bar bull, small pullback bull, tight trading range, huge reversal up on erroneous news, lower high major trend reversal, wedge bull flag

  • Tuesday, April 23, 2013
  • Bar 1 - Yesterday ended with trendline breakout below bull channel. Gap up, doji, so probably buyers below or buy below sellers above or sell above, but not at resistance. Open of month around 1561 = probably magnet for remainder of month
  • Bar 2 - Strong bull bar, always in long, trend from the first bar bull
  • Bar 3 - Bull bar, follow through more up. Target =last week lower high around 1571
  • Bar 5 - Bear bar, double top, but trend from the first bar bull so buyers below or buy below. Report 7 am
  • Bar 7 - Micro double top but bull body. Sideways more likely than down
  • Bar 9 - Two legged pullback in a bull move 6, always in long, ok swing buy or long or swing and maybe part scalp, but consecutive buy climax and near resistance so might be final flag
  • Bar 14 - Two bar revresal, final flag 9, wedge 7 11, but 2t tail, always in long. Bears need two bar revresal or strong reversal bar, else more up. Breakout pullback buy or long, but top of channel and at prior lower high, consecutive buy climax, so might get high of the day or big pullback at any time. Lp buy or long so swing only or wait
  • Bar 16 - Bear reversal bar, micro double top 13, consecutive buy climax, ok swing sell or short, but not high enough probability for scalp. Still always in long so possible buyers below or buy below
  • Bar 17 - Two legged pullback in a bull move 14 but doji, tight trading range so lp. Swing only or hold sell or short, or wait for higher probability
  • Bar 18 - Micro double bottom. Bears should probably keep stop above 16, since not much higher. Bulls will buy or long for any reason since always in long. Consecutive buy climax and increasing two-sided trading so probably will enter trading range soon, so bulls have to be quick to take profits if sell or short develops
  • Bar 22 - Two bar revresal breakout pullback buy or long, 1t breakout of 16 1t breakout. Might get strong breakout at any time. Always in long, more up, but tight trading range and very flat bull channel so probably will enter trading range at some point. Might get sharp bull breakout 1st. 16 low will be target, so bulls will look to sell or short around 4 points above
  • [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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