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, Oct. 28, 2016.

  • Bar 1 - Big bear bar but yesterday sell climax so probably buy below or probably buyers at the low of the bar scaling in lower low of yesterday
  • Bar 2 - Fail, failure breakout low of yesterday, big reversal, always in long, possible low of the day
  • Bar 3 - Consecutive bull bars, always in long, buy the close, target above, but still lower high so bear will sell the close for scalp. Might get deep pullback
  • Bar 4 - Double top 74, possible high of the day, OK swing sell or short, but doji, strong reversal up, probably buy below or probably buyers at the low of the bar scaling in lower. Lower high so possible trading range and deep pullback
  • Bar 6 - Close on low, more down
  • Bar 8 - Breakout pullback sell or short but tails, buy below or probably buyers at the low of the bar scaling in lower. Bars down bars up bars down so trading range likely. Bulls want major trend reversal, bears want double top 74. Probably still always in long
  • Bar 9 - Higher low major trend reversal, scale in bulls from 4 low will also buy or long
  • Bar 12 - Double top 4 but 3 strong bull bars, always in long, target above, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 14 - Still buy the close but top of trading range so need wedges
  • Bar 15 - One legged pullback in a bull move but at resistance and after buy climax 13 so low probability so swing only or wait buy or long. Still always in long. Two legged pullback in a bear move 4 at top of trading range, but better to wait for a strong bear breakout, or more selling pressure and second entry sell
  • Bar 17 - Lower high double top 58, micro double top, but always in long. Might get pullback below 4 high or deep pullback, but always in long, stop below 9

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 Pri