E-mini S&P falls in trading range after wedge top

Brooks Price Action - 05-28-2013 Tuesday

pending chart 2102

Gap up, small wedge top, bear channel, expanding triangle bottom. Trading range day

  • Tuesday, May 28, 2013
  • Bar 1 - Yesterday = possible double bottom. Big gap so might be limited until closer to moving average. Doji, buyers below or buy below sellers above or sell above
  • Bar 2 - Two bar revresal, but not big bars. 1 = doji so porb buyers below or buy below
  • Bar 3 - Strong bull reversal bar, probably at least a little more up. Double bottom measured move target 1673.50
  • Bar 7 - Another doji after breakout so weak leg and probably part of trading range. Still always in long, but trading range likely soon
  • Bar 10 - Breakout pullback buy or long but weak bull so possible final flag and trap. Bulls need wide stop, below 6 4 or 3.
  • Bar 12 - Final flag 10, wedge 1 7, ok swing sell or short if wide stop for high of the day, maybe 5 & 6 points, and scale in higher. Tight channel, target just above, but might go sideways to down to moving average
  • Bar 14 - Bear breakout, more sideways to down, sellers above or sell above
  • Bar 16 - Strong bull bar, but 4 bear bars and room to moving average. Sellers above or sell above but scalp since no strong top yet. Bears need major trend reversal
  • Bar 21 - Two bar revresal, two legged pullback in a bull move 16, double bottom 3, but tight channel. Tight trading range likely
  • Bar 23 - Tight trading range no scalping with stops. Ok swing for second entry buy 21 for possible bottom of trading range, but more likely more tight trading range, then two legged pullback in a bear move sell or short
  • Bar 25 - Two legged pullback in a bear move, ok swing and possible sclp
  • [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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