E-mini S&P 500 drifts in Monday price action: Brooks

Brooks Price Action Analysis for Monday, March 10

pending chart 2678

Opening reversal, parabolic wedge bottom, wedge lower high, double bottom,

  • Monday, March 10, 2014
  • Bar 1 - Doji in middle of yesterday trading range. 3 flat mas close together. Always in long from yesterday but probably buy below or buyers at the low of the bar and probably scaling in lower sell above or sellers at the high of the bar and probably scaling in higher
  • Bar 3 - Bull inside bar, ok swing buy or long, but might test high of 2 weeks ago = pink line since last week had gap. Also, gap magnet below on daily = green line
  • Bar 4 - Breakout but top of trading range. Ok swing buy or long, stop below 1 or 74, but still trading range. Buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 5 - Opening reversal close of yesterday, double top pullback from yesterday 35 81, top of trading range, ok swing but probably buy below or buyers at the low of the bar and probably scaling in lower and more sideways
  • Bar 9 - Breakout below 74, 3cc bear bars, close on low, always in short, but still bottom of trading range so need stop above 7 so trade small or sell or short pullback
  • Bar 10 - Double bottom low of yesterday, fail, failure breakout, but doji so low probability. Probably sell above or sellers at the high of the bar and probably scaling in higher. Bears need breakout below double top neckline = low of yesterday
  • Bar 11 - Two legged pullback in a bull move 3, possible low of the day, two inside bars, but always in short, breakout pullback sell or short. Bears need breakout, bulls need 3 or more consecutive strong bull bars. Targets below
  • Bar 12 - Breakout, close below 11, more down
  • Bar 14 - Breakout pullback sell or short, target below
  • Bar 16 - Parabolic wedge 1 9, microwedge 11 13, two legged pullback in a bull move 4, microchannel 13 bars so sell climax at support = high of 2 weeks ago so probably bounce and trading range. Possible low of the day so ok swing. Breakout pullback sell or short but probably buy below or buyers at the low of the bar and probably scaling in lower and buy above or buyers above and then trading range. Bulls want test moving average, 13 high, 10 high, and possible low of the day, but need wide stop
  • Bar 19 - Double bottom below low of yesterday so possible low of the day. Ok swing, but trading range most likely. Target 1t above 10 high top of channel
  • [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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