Daily Price Action: E-mini S&P 500

May 12, 2016 08:34 AM

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 Tuesday, May 10, 2016.

  • Bar 1 - Empty
  • Bar 2 - Fail, failure breakout high of yesterday and bull channel, possible high of the day, ok swing sell or short, but always in long, tail, small bars, more likely sideways, low probability so swing only or wait sell or short
  • Bar 5 - Fail, failure breakout high of yesterday, but trend from the first bar bull, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 7 - Fail, failure breakout high of yesterday second entry sell but doji, probably buy below or probably buyers at the low of the bar scaling in lower
  • Bar 9 - Two legged pullback in a bull move 6 but big bar, top of tight trading range, probably limited up and sellers above or probably sellers at the high of the bar scaling in higher, tight trading range
  • Bar 12 - Breakout pullback buy or long, sbp bull, ok buy or long, stop below 9 or 1. Better to only buy or long until bears start to make money with limit order orders.
  • Bar 16 - Fail, failure breakout channel, still small pullback bull but too many bars up for 1st leg up in 60 minimum or minutes wedge bottom. Increases chances of trading range or reversal down, bulls need to keep forming gap. If pullback fall sell or short 2 – 4t below 5 high, small pullback might be over.
  • Bar 24 - 9 bear bars, possible sellers above or probably sellers at the high of the bar scaling in higher and sellers above or probably sellers at the high of the bar scaling in higher, but did not fall below 5 high so still sob bull and ok to. Easier to make money buying below bars and scaling in lower. Ok to sell or short new high and scale in higher, but harder to make money until limit order market, sellers scaling in above, buyers below, both scalping order bears are consistently making money
  • Bar 32 - Small pullback bull, buy the close, might test measured move target(s) above and 4/17 lower high 2094
  • Bar 36 - Wedge 5, 7, breakout pullback buy or long but bear bar, far above 17 high and moving average, probably sellers above or probably sellers at the high of the bar scaling in higher and test 17 high and moving average soon. If buy above or probably buyers at the high of the bar, need stop below 24
  • Bar 39 - Breakout pullback buy or long but last pullback 24 came to within 2t of moving average and it reached 5 high. This one should be even stronger sing trends weaken as they grow. Only sell or short is wide stop and scale in, swing or scalp, only buy or long if wide stop and scale in, swing or scalp, pron trading range soon

 

For today’s real-time update, see intraday market update. For more on the current S&P500 and emini 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]

About the Author

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.