E-mini S&P trends after jobs-driven gap higher

Brooks Price Action - 05-03-2013 Friday

pending chart 2045

Breakout, gap, trend from the first bar bull, double top higher high major trend reversal, lower high major trend reversal

  • Friday, May 3, 2013
  • Bar 1 - Big gap above top of trading range. Possible t1bbull. Always in long. 70% chance close of day above open of day. Ok swing buy or long. Far from moving average so probably soon sideways to get closer to moving average
  • Bar 2 - Strong bull bar, more up, but far from moving average so should go sideways to down down. Possible exhaustion gap. Ok to wait
  • Bar 5 - Bear two inside bars but strong bull, small bar. Better to not sell or short
  • Bar 6 - One legged pullback in a bull move but 3 bear bars, possible tight trading range. Better to wait
  • Bar 8 - Bull outside bar surrounded by inside bars but tight trading range so swing only or wait. Tight trading range no scalping with stops.
  • Bar 11 - Breakout, more up
  • Bar 13 - Final flag 8, higher high major trend reversal, but bull body, tight channel, always in long, more up
  • Bar 14 - Breakout pullback buy or long but bear body. Possible sellers above or sell above
  • Bar 17 - Two legged pullback in a bull move 14 but 4 bear bodies so more sideways to down likely, but ok swing buy or long with stop below 7 or 10 high, especially if can add on lower. Best choice, possible all day, is swing buy or long with swing stop. Tight trading range 13. Might go sideways to moving average. Likely difficult day with small bars, ttrs, and tcs.
  • Bar 21 - Bear reversal bar, double top higher high major trend reversal, final flag 8. Ok swing sell or short but better to wait. More likely sideways than much down
  • Bar 24 - Two legged pullback in a bull move 17 but 4 beaer bars. Always in long but probably sellers above or sell above. Wait. Still on swing sell or short with stop above 21, but still always in long
  • [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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