Daily Price Action: E-mini S&P 500

October 24, 2016 09:37 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 Friday, Oct. 21, 2016.

  • Bar 1 - Gap below low of yesterday but tail. Closed gap, trading range price action
  • Bar 2 - Breakout pullbacks but bull doji at low of yesterday, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 3 - Fail, failure breakout low of yesterday, micro double bottom, but bear body, limit order market, sellers scaling in above, buyers below, both scalping, sellers above or probably sellers at the high of the bar scaling in higher
  • Bar 4 - Fail, failure breakout low of yesterday second entry buy so ok buy or long, but tight trading range so probably bull leg in trading range. Possible low of the day
  • Bar 6 - Double top 1, possible high of the day, but 3 bull bars, buy below or probably buyers at the low of the bar scaling in lower. Weak rally, but always in long. Probably early trading range and trading range day
  • Bar 8 - Two legged pullback in a bear move but bull bar, always in long, probably buy below or probably buyers at the low of the bar scaling in lower, but weak rally
  • Bar 11 - Wedge but far below moving average. OK swing sell or short, but possible buy below or probably buyers at the low of the bar scaling in lower for test moving average
  • Bar 12 - Breakout pullback buy or long, always in long bulls buy or long
  • Bar 14 - Fail, failure breakout, test moving average, possible high of the day, but strong enough 13 so low probability so swing only or wait sell or short
  • Bar 16 - Micro double top 13 at moving average, possible high of the day, but doji, tight channel, low probability so swing only or wait 20 double bottom 14, always in long but tight trading range, probably limit order market, sellers scaling in above, buyers below, both scalping
  • Bar 27 - Possible triangle above moving average, close on high, always in long, 60-minute 20-bar exponential moving average target above, OK buy or long, but possible final flag

More bar-by-bar analysis, daily webinar and trading course info can be found here and also here

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.