E-mini S&P reverses after lower low

Brooks Price Action - 06-26-2013 Wednesday

pending chart 2167

Island bottom on daily, double top, lower low major trend reversal, higher low major trend reversal

  • Wednesday, June 26, 2013
  • Bar 1 - Big gap up, island bottom on daily, bullish time of year through around july 5. Daily has big two legged pullback in a bull move. Tails. Wait. Might test near high of yesterday.
  • Bar 2 - Bear doji, 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
  • Bar 4 - Fail, failure breakout but only 1t body. Breakout mode. Wait
  • Bar 7 - Double top 1, close on low, ok swing sell or short
  • Bar 8 - Big tail, weak entry bar so possible trading range day
  • Bar 10 - Two legged pullback in a bull move but bear body, 4 bear bars, so sellers at the high of the bar and probably scaling in higher
  • Bar 12 - Breakout pullback sell or short but just above moving average. Weak bear so probably sell vacuum test gap. Better to wait, but ok swing sell or short
  • Bar 14 - Or, wedge 4 10, two bar revresal, but tight channel. Swing only. Better to wait to see if get above 11 high
  • Bar 15 - Double top 11 but lp so swing sell or short. Probably buyers at the low of week of the bar and probably scaling in lower. Better probability to wait. So far trading range pa
  • Bar 16 - Double top 11 at open of day. Trading range pa so lp sell or short. Ok swing, ok to wait
  • Bar 18 - Close on low, more down
  • [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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