E-mini S&P falls in bear move top

Brooks Price Action - 05-31-2013 Friday

pending chart 2105

Opening Range top, higher low major trend reversal, big two legged pullback in a bear move top, weekly sell or short signal. Market always in short on weekly and daily. Might gap down monday

  • Friday, May 31, 2013
  • Bar 1 - Last day of week and month. Monthly chart bullish so not much bear risk (but monthly bars are about 100 points tall so can easily fall 150 points and still be bullish). Last week = bear reversal bar at top of channel so it is a sell or short signal bar, but far below = pink line 1634.25. 5 minimum or minutes reversal bar at low of yesterday and bottom of 2 week possible triangle, but bear body and tight channel. Ok swing but higher probability to wait
  • Bar 2 - Big bull bar, close on high, always in long, more up to moving average, 60 minute 20 bar exponential moving average, and 22 78 double bottom
  • Bar 3 - Follow through, more up, but at resistance so probably sideways or pullback. Swing stop below 1. 60% chance 1 is low of the day
  • Bar 4 - Bull inside bar, but at resistance and after buy climax. Need swing stop but better to wait
  • Bar 5 - Or sell or short, but 4t tail so lp
  • Bar 7 - Two legged pullback in a bull move but doji and at resistance. Wait. Second entry sell or, but lp
  • Bar 9 - Bull reversal bar, double bottom 2, but lp. Better to wait
  • Bar 12 - Higher low major trend reversal, 4 bull bars, double bottom at low of yesterday, still always in long. Ok swing buy or long, ok to wait to get above moving average
  • Bar 15 - Double top 3, two bar revresal at moving average, ok swing sell or short for high of the day, but still lp and still on 10 double bottom buy or long and better to be buy or long. Trading range likely. Breakout mode
  • Bar 18 - Possible triangle buy or long for swing up. 6 bars up at 14, 2 at 4, but bears have not had 3 all day so bulls stronger
  • Bar 19 - Breakout, ok swing buy or 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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