Daily Price Action: E-mini S&P 500

June 19, 2017 08:26 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, May 19, 2017.

  • Bar 1 - Doji bar at 60-minute 20-bar exponential moving average, but high of yesterday and low of last week 2379 both magnets above 
  • Bar 2 - Big bull bar. Bulls want breakout high of yesterday and 60-minute 20-bar exponential moving average, and then test 2379 low of last week. Always in long, but possible inside day. Better to wait for a strong bear breakout, or more selling pressure and second entry sell 
  • Bar 6 - Breakout pullback buy or long but doji, big tail 5 at low of last week, possible sellers above or probably sellers at the high of the bar scaling in higher. Next target above is gap above wed high 
  • Bar 7 - Micro double top, wedge yesterday 14, 61, but 7 bar bull microchannel so buy below or probably buyers at the low of the bar scaling in lower, should get above lly, then trading range soon 
  • Bar 8 - Outside up bar, always in long, buy the close, but probably trading range soon 
  • Bar 10 - Fail, failure breakout high of yesterday second entry sell, parabolic Wedge 77, 5, but tight channel, strong breakout 4, 5, doji, buy below or probably buyers at the low of the bar scaling in lower, but probably trading range soon 
  • Bar 11 - Breakout pullback buy or long but doji and many small bars, probably parabolic wedge after new high, sellers above or probably sellers at the high of the bar scaling in higher 10, then sideways to down for 5 – 10 bars 
  • Bar 13 - Parabolic wedge, limit order bear scalpers made money above 5 and 10, probably tight channel pullback for 10 bars here or soon, and limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 15 - Double bottom 11, always in long, but bear bars, only 2 strong bull bars all day, probably tight trading range, low probability buy, probably sellers above, and sideways more likely than up. 40% chance breakout above 12 will be measuring gap 
  • Bar 19 - Double top, but 3 dojis, minor trend reversal so trading range more likely, tight trading range likely soon. Wed high magnet above 
  • Bar 22 - Two legged pullback in a bear move 18, bear bars, probably trading range 11 and pullback to moving average and 15-low, but possible small pullback bull trend

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.