Daily Price Action: E-mini S&P 500

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, August 22, 2014.
 

  • Bar 1 - Yesterday ended with wedge top. Big bear bar, close on low, always in short, but might bounce at July high = blue line, like yesterday. Yellen speaks at 7 am so might bet breakout outside down bar or both. Possible trend day up and or down
  • Bar 4 - Opening reversal july high, strong bull reversal bar, ok swing buy or long but always in short and probably sell above or sellers at the high of the bar and probably scaling in higher. Probably better to wait for 7 am speech
  • Bar 7 - Big doji, 2 reversals, double top and double top, breakout mode, bulls and bears scaling in, both swinging
  • Bar 9 - Lower high major trend reversal but doji, strong bull bar so low probability short and sideways more likely than down, but possible high of the day. Weak bull follow through so probably not strong bull trend day
  • Bar 11 - Breakout pullback buy or long but doji, trading range day, breakout mode, bulls and bears scaling in, both swinging. Low probability buy and sideways more likely than up. Still on low probability swing sell or short. Always in long. Many 8 and 9t fail, failure today, trading range open
  • Bar 16 - Two legged pullback in a bull move 11 buy or long, breakout pullback sell or short, but middle of big trading range, tight trading range, bad for scalping with stop entries unless using swing stop
  • Bar 18 - Big bear bar, always in short, but at low of yesterday and 60 minute 20 bar exponential moving average. Bears need follow through, else possible trading range day
  • Bar 19 - Fail, failure breakout low of the day and 60 minute 20 bar exponential moving average, 1st pullback to 60 minute 20 bar exponential moving average in 4 days, two legged pullback in a bull move 4, possible low of the day but strong bear breakout so low probability buy and sideways more likely than up. Ok swing buy or long but probably sell above or sellers at the high of the bar and probably scaling in higher and trading range more likely, maybe around open of day and july high magnets
  • Bar 22 - Double top 16 at moving average, breakout pullback sell or short, but 3 strong bull bars so might be always in long. Ok swing sell or short but bars down bars up so probably buy below or buyers at the low of the bar and probably scaling in lower and sideways
  • Bar 23 - Breakout pullback buy or long but doji, at moving average, trading range price action so low probability buy and sideways more likely than up
  • Bar 25 - Double top 16 at open of day, two legged pullback in a bear move 22 but trading range price action so low probability short and sideways more likely than down and sideways likely

 

pending chart 3301

The S&P 500 E-mini's dominant price action feature of the today for day traders is the trading range price action around the July high. For today's real-time update, see intraday market update. For more on the current S&P 500 and E-mini weekly charts, see weekly market update

 

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

 

Ed Note: Every day 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.

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

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