Thursday E-mini S&P 500 price action analysis: Brooks

Brooks Price Action Analysis of Thursday, July 18

pending chart 2228

Trend from the first bar bull, wedge top, double top lower high major trend reversal, final flag h4, lower high major trend reversal

  • Thursday, July 18, 2013
  • Bar 1 - Doji, but breakout above 47 top of 3 day trading range. 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, but might get bull breakout. Possible low of the day
  • Bar 2 - Breakout, ok swing buy or long, always in long. All time high just above at 1685.00
  • Bar 4 - Trend from the first bar bull, buyers at the low of week of the bar and probably scaling in lower, but weak really so might get deep pullback on 7 am report.
  • Bar 8 - Close above tight trading range, breakout, more up
  • Bar 9 - Follow through, more up. Should hit all time high = pink line
  • Bar 11 - Big bar so consecutive buy climax. Take profits soon. Likely tight trading range then trend resumption or trend reversal late in day
  • Bar 13 - Bear reversal bar after consecutive buy climax. Ok to exit longs and wait 5 � 10 bars to buy or long again. Consecutive buy climax so possible bigger pullback
  • Bar 15 - Breakout pullback buy or long, ok scalp or swing, ok to wait. Tight trading range for hours likely
  • Bar 19 - Wedge 4 13, possible high of the day, but bad shape, consecutive buy climax, final flag 15, two inside bars, tight trading range likely, but nesp to sell or short below. Better to only sellers at the high of the bar and probably scaling in higher and scale in, or buy or long lower, near moving average and bottom of developing tight trading range
  • Bar 24 - Breakout pullback buy or long but 3 bear bars and just above moving average and 15 low so probably sellers at the high of the bar and probably scaling in higher. Low probability buy or long
  • Bar 26 - Lower high but middle of tight trading range so low probability sell or short so swing. Higher probability to look to buy or long near moving average
  • [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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