Daily Price Action: E-mini S&P

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. This is his analysis for Thursday, June 5, 2014. 

  • Bar 3 - Orev at moving average, ok swing buy or long, but still on 2 sell or short with stop above 2. Probably breakout mode
  • Bar 6 - Wedge 1 3, close on high, but big bar, middle of trading range so low probability. Might be buy below or buyers at the low of the bar and probably scaling in lower or sell below or sellers below or signal bar. Ok swing buy or long but higher probability to wait
  • Bar 8 - Breakout, might find support at 60 minute 20 bar exponential moving average just below.
  • Bar 9 - Follow through, always in short, stop above 7
  • Bar 10 - Wedge 1 3 6 at 60 moving average, but doji, 4 consecutive bear bars so lower probability. Swing or wait. Sideways more likely than bull
  • Bar 12 - Consecutive big bull bars so probably two legs up and always in long. So far, trading range day. Swing bear have stop above 7 or 4 but lower probability now
  • Bar 13 - Double top 7, lower high, possible broad bear channel, ok swing sell or short but more likely always in long and buy below or buyers at the low of the bar and probably scaling in lower. Trading range day
  • Bar 17 - Two legged pullback in a bear move 13, bear two inside bars, top of trading range day, but always in long, tight channel. Bears should only sell or short with limit order orders until more selling pressure. Buy below or buyers at the low of the bar and probably scaling in lower, but stop below 14 or 10
  • Bar 20 - 3 consecutive bull bars, microchannel, ok to buy or long, stop below 18 or 14. Targets above
  • Bar 24 - Parabolic wedge 12 15, fail, failure breakout high of the day, buy climax 22, bear reversal bar, but breakout 18 - 23 strong enough for two legs up so probably buy below or buyers at the low of the bar and probably scaling in lower. Better to wait for a strong bear breakout or second entry sell. Probably pullback soon. Look to buy or long near moving average
  • Bar 30 - One bar final flag, consecutive bull bars, 13 bar bull microchannel, near top of channel, should get pullback soon. Probably sell above or sellers at the high of the bar and probably scaling in higher, good to take most profits and wait to buy or long pullback, but ok to hold long since always in long. Low probability buy or long here. Need swing stop below 24. Extreme consecutive buy climax so probably tbtlsd soon.

pending chart 3061

Fail, failure breakout above weekly top of channel and high of yesterday, final flag yesterday. Ok swing sell or short, but might stall in yesterday tight trading range.

[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.

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

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