Breaking down Monday's E-mini S&P 500 price action

Brooks Price Action Analysis of Monday, Sept. 16

pending chart 2320

Fail, failure channel breakout, consecutive sell climax, lower high major trend reversal, two legged pullback in a bear move sell or short, wedge bottom, wedge bottom, trending trading range day, trend from the first bar bear

  • Monday, September 16, 2013
  • Bar 1 - Gap up on weekly chart and pink line = bottom of gap on weekly chart. Green line = all time high. Top of bull channel at low of bar. Fail, failure breakout top of bull channel, close on low, ok sell or short for possible trend from the first bar bear, always in short.
  • Bar 3 - More down
  • Bar 5 - Two inside bars, possible final flag
  • Bar 6 - Final flag but 1t body so low probability. Wait
  • Bar 8 - Consecutive sell climax, outside bar surrounded by inside bars, possible low of the day, but doji so trading range more likely
  • Bar 9 - Bull bar, possible low of the day and always in long, ok swing. Trading range more likely
  • Bar 12 - Tight trading range no scalping with stops, 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 14 - Lower high major trend reversal, bear outside bar surrounded by inside bars, double top 4, possible top of trading range. Scalp or wait
  • Bar 20 - Higher low major trend reversal, two bar revresal, ok swing but trading range more likely. Might test moving average and 8 low
  • Bar 25 - 5 consecutive bull bars, always in long, buyers at the low of week of the bar and probably scaling in lower, but top of tight trading range so ok to wait
  • Bar 32 - Breakout pullback buy or long from 30 breakout, small pullback bull, biggest pullback since 18 is 4t. Either be long, buy or long, or wait. Nesp to look to sell or short yet
  • [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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