E-mini S&P 500 rises in broad bull channel

Brooks Price Action - 05-06-2013 Monday

pending chart 2051

Weak, broad channel bull. Mostly trading range day

  • Monday, May 6, 2013
  • Bar 1 - Yesterday had big gap breakout, then small trading range day, and expanding triangle bottom. Probably trading range day today. Bull bar, top of trading range, sellers above or sell above
  • Bar 6 - Higher low major trend reversal, or, but tight trading range so lp and swing or swing and maybe part scalp
  • Bar 8 - Close at 7 high but still breakout and probably always in long
  • Bar 14 - Double top 43, lower high major trend reversal, wedge 76 wedge, but 7 consecutive bull bodies so more likely buyers below or buy below and more sideways. Lp sell or short so swing or wait
  • Bar 17 - Bear breakout but still always in long unless strong follow through and breakout below 6. 4 consecutive bear bars so sellers above or sell above. Sideways likely
  • Bar 20 - Doji two inside bars, 6 consecutive bear bars so need second entry buy. Near bottom of trading range so better to not sellers above or sell above or below and wait for breakout
  • Bar 24 - Breakout pullback sell or short, head and shoulders top 2 14, but bottom of trading range. Wait for breakout up and or down, or for second entry buy near 6 or 18 low
  • Bar 26 - Double bottom 18, tri6 18, bottom half of trading range day. Ok swing and maybe part scalp
  • Bar 28 - Follow through from breakout above 24 right shoulder. Should test 14 high
  • Bar 34 - Wedge 24 30, fail, failure breakout, but tight channel and too many bull bodies. Sideways more likely. Buyers below or buy below
  • Bar 38 - Bull outside bar surrounded by inside bars but just above moving average. More sideways likely
  • [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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