Daily Price Action: E-mini S&P 500

December 16, 2016 08:46 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 Thursday, Dec. 15, 2016.

  • Bar 1 - Big buy or long sellers below or probably sellers at the low of the bar, outsidebar followed by a larger outsidebar, but at moving average and apex of possible triangle, probably more sideways, low probability so swing only or wait buy or long
  • Bar 2 - Ooom but possible triangle, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 3 - Two legged pullback in a bull move, good buy or long sellers below or probably sellers at the low of the bar, OK buy or long for low of the day
  • Bar 4 - Good entry bar, more up
  • Bar 8 - Fail, failure breakout 59 top of bear channel, micro double top 7, possible possible second leg trap in a trading range and start of trading range. 6 bull bars so probably minor trend reversal so trading range more likely and bull scalpers below, but better to wait for more bars before buying again since trading range likely, despite strong rally
  • Bar 11 - One legged pullback in a bull move but 3 bear bars and possible second leg trap in a trading range so need stop below 3. Sideways likely after buy vacuum test of resistance test of top of yesterday channel 59
  • Bar 15 - Lower high but always in long, minor trend reversal so trading range more likely
  • Bar 17 - Breakout pullback buy or long, measured move target(s) above, OK buy or long, stop below 12 or lower
  • Bar 21 - Breakout pullback buy or long but tails. Always in long, target above, stop below 19 or 16. Possible sellers above or probably sellers at the high of the bar scaling in higher, but need wide stop and scale in, swing or scalp
  • Bar 23 - Wedge 74, 8, micro double top, possible high of the day, OK swing sell or short, but room to measured move target(s) above, better to wait for a strong bear breakout, or more selling pressure and second entry sell
  • Bar 24 - Big bear bar, possible spike then channel

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.