Monday's price action in the E-mini S&P 500: Brooks

Brooks Price Action Analysis of Monday, July 22

pending chart 2234

Opening Range, small pullback bull, higher high major trend reversal, lower high major trend reversal, two legged pullback in a bull move, double top ml major trend reversal, doji day

  • Monday, July 22, 2013
  • Bar 1 - Yesterday ended with wedge inside 60 minimum or minutes wedge, and double top with high of year. Bear bar but strong close so big up, big down and sideways likely
  • Bar 2 - Doji and big up, big down likely so buyers below, sellers above
  • Bar 4 - Or but doji, bulls will scalp out of longs around 2 low. Wait to buy or long. Trend from the first bar bear, probably sellers at the high of the bar and probably scaling in higher, but weak bear, at moving average.
  • Bar 6 - Two bar revresal at moving average. Possible tight trading range. Better to wait
  • Bar 7 - Or second entry buy, wedge 1 4, but tight trading range. Low probability buy or long. Better to wait, but ok swing buy or long
  • Bar 10 - 4 bars up, always in long, buyers at the low of week of the bar and probably scaling in lower. Ok swing buy or long, but trading range more likely. Lower high major trend reversal but 4 bars up so low probability sell or short
  • Bar 16 - Breakout pullback buy or long, always in long, but top of trading range so low probability buy or long. Wedge 5 10 lower high major trend reversal but 2 strong bull bars and probably buyers at the low of week of the bar and probably scaling in lower. Breakout mode
  • Bar 18 - Second entry sell but nesp so sideways more likely than down. Always in long
  • Bar 20 - Breakout, possible measuring gap, ok swing buy or long
  • Bar 21 - Fail, failure breakout high of the day nut 3 bull bars so probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 23 - Breakout pullback buy or long but late in weak bull so need wide stop. Better if trade small and scale in lower
  • [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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