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 Friday, June 13, 2014.
 

  • Bar 3 - Orev, higher low major trend reversal, but doji, strong bear bar, 3 bear bars, moving average gap bar 1, so more likely sell above or sellers at the high of the bar and probably scaling in higher. Low probability buy or long
  • Bar 5 - Higher low major trend reversal but 4 bear bars, moving average gap bar, probably sell above or sellers at the high of the bar and probably scaling in higher for more sideways to down. Might get bear breakout below bull flag, then measured move down
  • Bar 8 - Higher low major trend reversal but doji, tight channel, ok swing but better to wait for a strong bull breakout or second entry buy
  • Bar 10 - Big bull bar breakout of higher low major trend reversal, always in long, more up
  • Bar 11 - Follow through, stop below 8 or 10
  • Bar 13 - Big bull bar just below trendline and 60 minute 20 bar exponential moving average. Ok to take profits and look to buy or long pullback around 13 low, 1 high, and moving average
  • Bar 14 - Fail, failure breakout, two legged pullback in a bear move 1, but just below magnets so buy below or buyers at the low of the bar and probably scaling in lower and probably buy above or buyers above, but bears might sell above or sellers at the high of the bar and probably scaling in higher.
  • Bar 17 - One legged pullback in a bull move, strong bull, targets above, ok buy or long
  • Bar 20 - Double top, two legged pullback in a bear move 1 second entry sell. Should test 13 low, 1 high, and moving average, but higher probability to wait to buy or long pullback
  • Bar 23 - Breakout, probably small two legs down, but still always in long
  • Bar 26 - One bar final flag 26, always in long, but 9 bar bear microchannel so probably sell above or sellers at the high of the bar and probably scaling in higher and more sideways. Might get 3rd push down
     

pending chart 3084


Yesterday ended always in long after sell climax, so odds favor two legs up. Parabolic wedge 78 80, moving average gap bar, but 9 bar bull microchannel so probably buy below or buyers at the low of the bar and probably scaling in lower, but might test 74 low first. Probably early confusion, then two legs up after major trend reversal. Today is friday, but not near open of week or close of last week.

[more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]

 

Ed Note: Each trading day going forward, traders can listen to live, streaming squawk box commentary on FUTURESmag.com coming directly from the S&P trading pits in Chicago.

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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