S&P 500 Emini price action break down: Brooks

Brooks Price Action Analysis of Thursday, June 27

pending chart 2173

Double bottom, higher high major trend reversal, lower high major trend reversal, high 4, lower high major trend reversal, trading range day

  • Thursday, June 27, 2013
  • Bar 1 - Big gap up to moving average and into gap on daily chart so should test down soon. Doji so trading range bar and 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. Wait.
  • Bar 2 - Bull bar, always in long, but tails, small bar so trading range bar
  • Bar 3 - Close on low at gap on daily, ok swing sell or short. Small bar and trading range pa so lower probability. Swing only or wait
  • Bar 4 - Another breakout, always in long, but no top yet
  • Bar 5 - Trend from the first bar bull, probably buyers at the low of week of the bar and probably scaling in lower even tho weak rally
  • Bar 7 - Big outside down bar but bu bd so sideways likely. Possible spike and channel bear
  • Bar 8 - Double bottom, but low probability so swing only or wait. Fail, failure breakout, bull reversal bar, but trading range more likely and sideways to moving average
  • Bar 12 - 5 bull bars, but small, tails all day so more likely trading range
  • Bar 14 - Higher high major trend reversal, bear reversal bar, ok swing sell or short for high of the day, but lp after 6 bull bars
  • Bar 16 - 3 bear bars, sellers at the high of the bar and probably scaling in higher
  • Bar 20 - Wedge 9 14 even tho below 14 high, two bar revresal, double top 14, ok swing 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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