Negative price action weighs on E-mini S&P 500: Brooks

Daily price action for Thursday, June 13

pending chart 2128

Expanding triangle top, fail, failure wedge bottom, wedge bottom, moving average gap bar, fail, failure higher low major trend reversal, wedge bottom

  • Wednesday, June 12, 2013
  • Bar 1 - 3 day trading range. Gap but doji so buyers at the low of week of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher. Expanding triangle 61 67 but doji so probably buyers at the low of week of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher. Swing or wait
  • Bar 2 - Strong bear bar, moving average below, more down
  • Bar 5 - Bull reversal bar but tail and not to moving average. Probably sellers at the high of the bar and probably scaling in higher. Lp or buy or long.
  • Bar 6 - Breakout pullback sell or short but just above moving average and not strong bear. Swing, low probablilty so swing stop, convert to scalp if quickly goes reward 2 times risk
  • Bar 7 - Big breakout, more down, but possible sell vacuum test close of yesterday. Odds favor at least 2 legs down
  • Bar 8 - Weak follow through, lp sell or short. Wait
  • Bar 10 - Micro double bottom, test close of yesterday and low of yesterday. Possible low of the day and swing up, but better to wait for breakout or major trend reversal
  • Bar 13 - Two legged pullback in a bear move at moving average, bear bar, but weak bear. Swing, low probablilty so swing stop, convert to scalp if quickly goes reward 2 times risk or wait. Might enter trading range soon
  • Bar 19 - Final flag 13, two legged pullback in a bull move 9 but bear body, 4 bear bars. Wait
  • Bar 22 - Wedge 9 19, low of yesterday, bull reversal bar. Ok buy or long for at least 2 points and 2 legs. Possible low of the day. Possible inside bar on daily
  • Bar 24 - Two bar reversal, double top 20. Bulls might get out below, or below 22. Lp sell or short
  • [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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