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, September 22, 2014.
- Bar 1 - Gap down, breakout below 60mabear body, but big tail. Target below 1991.50 higher low from last week
- Bar 2 - Close on low, always in long, sell the close
- Bar 3 - Bigger bar, possible sell climax, but always in short, stop above 1, not at support. More down, sell above or sellers at the high of the bar and probably scaling in higher, but might bounce, two legged pullback in a bull move 46, expanding triangle 32 46
- Bar 4 - Breakout pullback sell or short but doji, far below moving average, report soon. Might be buy below or buyers at the low of the bar and probably scaling in lower, but always in short so might go sideways to moving average
- Bar 7 - Fail, failure breakout low of yesterday second entry sell, expanding triangle 32 46, possible low of the day, but weak sell below or sellers below or signal bar, better to wait for a strong bull breakout, or more buying pressure and second entry buy. Targets below
- Bar 9 - Two legged pullback in a bear move but strong bull 8. Ok swing sell or short
- Bar 10 - Big bear bar, more down
- Bar 11 - Sell the close
- Bar 14 - Breakout pullback sell or short but bull body, consecutive sell climax, so possible buy below or buyers at the low of the bar and probably scaling in lower. Ok swing sell or short. Not strong buy or long since not enough bars for major trend reversal so trading range likely
- Bar 16 - Breakout pullback sell or short. Consecutive sell climax so bounce soon
- Bar 18 - Parabolic wedge 13 15, so possible low of the day, but low probability so swing only or wait so swing or wait. Measured move, but tight channel so sideways more likely. should test 14 low since weak sell or short and probably scale in bulls there. Might test 14 high for possible double top bear flag.
The S&P 500 E-mini's dominant price action feature of the today for day traders was the trend from the open bear trend. 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
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.