E-mini S&P 500 closes higher in Tuesday price action: Brooks

Brooks Price Action Analysis for Tuesday, March 18

pending chart 2701

Just below 60 minutes lower high. Bears want 60 minutes double top and bulls want breakout to new all time high and test of weekly targets targets around 1888 for possible high of next several months. Tomorrow is fomc meeting so breakout mode. Should test 1700 within next few months.

  • Tuesday, March 18, 2014
  • Bar 1 - Yesterday was trading range but ended always in long. Close on low, ok scalp below, 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. Target is 60 minimum or minutes lower high of march 13. Fomc tomorrow. Pink line above = lower high so bulls want to get above to stop bear channel = lower highs and lower lows
  • Bar 3 - Breakout pullback buy or long but bear bar and weak follow through so low probability buy or long. Fail, failure breakout high of yesterday, ok sell or short below. Trading range pa so far
  • Bar 4 - Breakout, possible measuring gap
  • Bar 5 - Follow through but possible buy climax
  • Bar 6 - Breakout pullback buy or long but 3rd one legged pullback in a bull move with bear sell below or sellers below or signal bar so more trading range pa and probably sell above or sellers at the high of the bar and probably scaling in higher. Wedge 1 2 but breakout so probably buy below or buyers at the low of the bar and probably scaling in lower for two legs up. Possible high of the day
  • Bar 7 - Wedge, micro double top, but 2 dojis so low probability. Ok swing sell or short but probably buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 8 - Two legged pullback in a bull move but 3 bar tight trading range. Ok swing buy or long for breakout
  • Bar 10 - Big breakout, probably two legs up, but possible exhaustion gap
  • Bar 11 - Bull body so follow through, more up
  • Bar 14 - Wedge 2 5 but big breakout 10 so probably buy below or buyers at the low of the bar and probably scaling in lower. Nesp to sell or short yet so probability is too low. Might get pullback but always in long, buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 16 - 3 bear bars, close below middle, so sell above or sellers at the high of the bar and probably scaling in higher and more down
  • [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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