Brooks Price Action: E-mini S&P

Tuesday, April 22, 2014

Al Brooks provides bar by bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500.

 

  • Bar 1 - Breakout above 60 minimum or minutes double top = pink line 1866.50. Small bull bar so lower probability, possible sell above or sellers at the high of the bar and probably scaling in higher. Ok swing buy or long. Some bulls will add on below with stop below high of yesterday. Blue line = march high and bulls want outside up bar on monthly
  • Bar 2 - Fail, failure breakout high of yesterday and top of yesterday channel but bull body so low probability
  • Bar 4 - Breakout pullback buy or long, test of gap. Ok swing buy or long for low of the day
  • Bar 5 - Big bull bar, close on high, ok swing buy or long
  • Bar 6 - Follow through, more up
  • Bar 7 - Tail so possible pullback soon. Still buy the close, but might get parabolic wedge top soon
  • Bar 8 - Bull bar but top of channel, another smaller body so better to buy or long pullbacks and not closes. Bears will begin to sell above or sellers at the high of the bar and probably scaling in higher for scalps, betting on trading range soon
  • Bar 10 - Fail, failure breakout, measured move, near top of channel. Better to wait to buy or long pullback. Low probability parabolic wedge sell or short, probably buy below or buyers at the low of the bar and probably scaling in lower, but better to wait since buy climax at resistance
  • Bar 12 - One legged pullback in a bull move but buy climax at resistance, possible tight trading range, bad for scalping with stop entries unless using swing stop. Swing or wait or wide stop and scale in, swing of scalp
  • Bar 13 - Parabolic wedge 77 2 second entry sell, micro double top but tight trading range, bad for scalping with stop entries unless using swing stop. Still always in long, not strong top, buy below or buyers at the low of the bar and probably scaling in lower and more tight trading range. Bears need strong breakout
  • Bar 16 - Two legged pullback in a bull move but tight trading range, bad for scalping with stop entries unless using swing stop. Ok buy or long
  • [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]

 

  • pending chart 2802

Bull breakout above 60 minute lower high at 1866.50 and above high of last month. Bulls want a move up to all time high and 1900 top of weekly channel. Odds favor trend down to 1700 area, but possible one more new all time high first. Reasonable to consider buying put spreads here or around 1900 for move down to around 1730 bottom of channel within next few months (short in May and go away).

 

 

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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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