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 (CME:ESM14). This is his analysis for Tuesday, June 17, 2014.

  • Bar 2 - Micro double bottom so slightly higher probability for low of the day. Ok swing
  • Bar 3 - Breakout
  • Bar 4 - Follow through, always in long, buy below or buyers at the low of the bar and probably scaling in lower, but bulls need breakout, else just bull leg in 3 day trading range
  • Bar 6 - Parabolic wedge 1 4 but 6 bar microchannel, buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 8 - Another breakout but at trendline and high of yesterday so possible exhaustion gap and high of the day. More likely, buy below or buyers at the low of the bar and probably scaling in lower around 78 high
  • Bar 10 - Breakout pullback buy or long but probably buy vacuum test of trendline and high of yesterday and probably sell above or sellers at the high of the bar and probably scaling in higher, despite trend from the first bar bull and 10 bar microchannel. Wait to buy or long pullback. Should test 8 low and moving average, but probably will later come back to test close of 8. Buy below or buyers at the low of the bar and probably scaling in lower, low probability high of the day sell or short. Parabolic wedge 1 4 6, so possible high of the day
  • Bar 13 - Bear breakout, more sideways to down, possible high of the day, but more likely trading range soon
  • Bar 14 - Two legged pullback in a bull move 10 but probably sell above or sellers at the high of the bar and probably scaling in higher for two legs down
  • Bar 16 - Breakout but near bottom of yesterday trading range so should bounce soon
  • Bar 17 - Parabolic wedge 9 13 but doji, probably always in short. Low probability buy or long, probably sell above or sellers at the high of the bar and probably scaling in higher, but also probably trading range day
  • Bar 19 - Breakout pullback sell or short, five tick failure fail, failure, but trading range day most likely. Low probability sell or short
     

pending chart 3094

Yesterday = trading range day. Fail, failure breakout 70, held above 26 bottom of bull breakout, bull reversal bar, but small body. Swing buy or long only. Stuck at 60 minute 20 bar exponential moving average for 2 days.

[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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