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 Monday, August 25, 2014.
- Bar 1 - Gap up on daily and weekly, ooh, close on low, but not big bar. Ok swing sell or short for high of the day, but not high probability. High of yesterday = green line, high of last week = pink line, high of last month = blue line
- Bar 2 - Opening reversal above last week's high, ok swing buy or long for low of the day, but doji, bear bar, so low probability and sideways more likely
- Bar 5 - 3 bull bars, new high of the day, always in long. Small bars, ok to wait for report. Similar price action to aug 11, which formed a wedge top at 23 for the high of the day, and it stayed a quiet day
- Bar 6 - 4 consecutive bull bars, always in long, buy below or buyers at the low of the bar and probably scaling in lower, stop below2
- Bar 9 - Wedge 1 6 but tight trading range, tight channel, probably buy below or buyers at the low of the bar and probably scaling in lower. Ok swing sell or short but low probability
- Bar 12 - Breakout pullback buy or long, fail, failure wedge, but tight trading range, bad for scalping with stop entries unless using swing stop. Ok swing buy or long
- Bar 19 - Wedge 1 9, but tight channel so sideways more likely than down. Trading range price action so probably down soon
- Bar 25 - Double top 20, wedge 20, but doji, small pullback bull, low probability sell or short, but possible high of the day
- Bar 30 - Three inside bars in a row, breakout mode, bulls and bears scaling in, both swinging, but low probability buy or long or sell or short. Ok swing buy or long or sell or short, but sideways more likely. Bears want new low of the day and measured move down
- Bar 33 - Follow through from 32 breakout. Breakout pullback sell or short, but possible buy below or buyers at the low of the bar and probably scaling in lower. Need more for always in short, but ok swing sell or short with stop above 25 high of the day or 32 breakout high. Twenty gap bars buy or long but bear breakout and follow through so probably sell above or sellers at the high of the bar and probably scaling in higher for two legs down. Low probability buy or long
- Bar 37 - Breakout pullback sell or short, targets below, ok sell or short if stop above 36. Might double bottom low of the day
The S&P 500 E-mini's dominant price action feature of the today for day traders is the gap up on the weekly chart. Last week broke above the July all-time high. The next target is 2000, where there also are 5 minimum or minutes and 60 minimum or minutes channel tops and a measured move projection. Friday is the last day of the month so it will affect the appearance of monthly candle. 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.