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 Tuesday, June 10, 2014.

  • Bar 2 - Close on low, target below, ok swing sell or short, but might get double bottom low of yesterday so not high enough probability unless swing stop and scale in for scalp
  • Bar 3 - Consecutive bear bars, close on low, always in short. Targets just below = low of yesterday, 60 minute 20 bar exponential moving average
  • Bar 4 - Two legged pullback in a bull move 1, double bottom, but doji, still always in short, stop above 2
  • Bar 6 - Double top 2 at moving average, still always in short, but tight trading range, bad for scalping with stop entries unless using swing stop, bottom of trading range, just above 60 minute 20 bar exponential moving average so swing or wait
  • Bar 8 - Breakout and follow through, but doji at 60 minute 20 bar exponential moving average. Always in short, stop above 7 or 6. Wedge 74 3, two legged pullback in a bull move 58 at 60 minute 20 bar exponential moving average but better to wait for a strong bull breakout or second entry buy
  • Bar 12 - Breakout and follow through but below 5 high so bears will sell or short for broad channel. Probably always in long, but trading range so might get deep pullback. Buy below or buyers at the low of the bar and probably scaling in lower, stop below 11 or 8
  • Bar 13 - Double top 5 below moving average, ok swing sell or short, but probably buy below or buyers at the low of the bar and probably scaling in lower and always in long. Breakout mode
  • Bar 15 - Breakout pullback buy or long, stop below 11 or 8
  • Bar 21 - Fail, failure breakout high of the day second entry sell, double top 5, ok swing sell or short, but always in long and probably buy below or buyers at the low of the bar and probably scaling in lower. Stop for bulls below 14 higher low or 8. Trading range day so far
  • Bar 23 - Two legged pullback in a bull move 19, always in long, but bear bar, top of trading range day so need swing stop.
  • Bar 28 - Double top 21, close on low, ok swing sell or short but still always in long. Tight trading range, bad for scalping with stop entries unless using swing stop. Trading range day so probably will fall below 14 low

 

pending chart 3076

Higher low major trend reversal but middle of trading range, not big bar, and low of yesterday = magnet since yesterday = reversal bar on daily. Probably limit order market, sellers scaling in above, buyers below, both scalping. Yesterday ended with lower high major trend reversal. Still 60 minute leg 1 equals leg 2 measured move and top of weekly channel 1958 above.

[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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